2 to 3 bedroom conversion – Darwen

Purchase & refurbishment costs

Purchase price£33,000
Refurbishment cost£22,400
Solicitor's fees£900
TOTAL£56,300

Cashflow

Property valuation£60,000
Mortgage loan @80% LTV£48,000
Mortgage payment (interest only/PCM)£160
Rent (PCM)£450
Lettings management - 12% (PCM)£54
Operating expenses£20
CASHFLOW (PCM)£216

ROI & Yield

Money left in£8,300
Cashflow (PA) £2,592
Return on investment (PA)31%
Gross Yield9.6%

25 Sandringham Road

 

This property was in particularly bad repair at the point of purchase and needed considerable refurbishment. Spacious enough to be converted from 2 to 3 bedrooms, this maximises the rental potential increasing the yield. Darwen’s rental market is very buoyant making this an excellent investment opportunity.

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