2 bedroom terrace buy to let – Accrington

Purchase & refurbishment costs

Purchase price£29,000
Refurbishment cost£10,225
Solicitor's fees & broker£900
TOTAL£40,125

Cashflow

Property valuation£45,000
Mortgage loan @80% LTV£33,750
Mortgage payment (interest only/PCM)£98
Rent (PCM)£395
Lettings management - 15% (PCM)£47
Operating expenses£33
CASHFLOW (PCM)£216

ROI & Yield

Money left in£6,375
Cashflow (PA) £2,592
Return on investment (PA)40.7%
Gross Yield11.8%

73 Belfield Road

 

Accrington is working class area, with incomes below the national average and a high proportion of benefits claimants. As such, it is a particularly good investment area for the rental market due to demand being high. Accrington has a number of relatively deprived areas where the council and the private sector are investing in regeneration projects, bringing empty homes back into use, improving existing properties and demolishing some to create open spaces.

The council continues to use selective licensing of private landlords to ensure landlords adequately manage their properties, which maintains high housing standards and controls anti-social behaviour.

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