2 bedroom flat conversion – Preston

Purchase & refurbishment costs

Purchase price£24,000
Refurbishment cost£17,000
Solicitor's fees£900
TOTAL£41,900

Cashflow

Property valuation£60,000
Mortgage loan @75% LTV£48,500
Mortgage payment (interest only/PCM)£125
Rent (PCM)£450
Lettings management - 12% (PCM)£45
Operating expenses£20
CASHFLOW (PCM)£ 269

ROI & Yield

Money left in£0 left in! £6,600 profit made on refinance
Cashflow (PA) £3,228
Return on investment (PA)infinite
Gross Yield8.5%

7a Morris Court, Preston

This 2 bedroom flat renovation was a great ‘money in, money out’ deal, meaning after the end valuation we got all of our costs back and also made £6,600 profit. We kept this flat for 2 years with a great tenant earning £3228 profit per year, then sold it for £68,500. After costs we made around £17,000 profit.

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