Potential 4-Bed HMO, Coventry, CV4 8DW £199,888

296 Mitchell Avenue, Coventry, West Midlands, CV4 8DW - 9 views - 2 years ago
HMO
Planning
Inside Article 4
ROI: 9%
66 m²
Property image

ValuationOvervalued

Sold Prices£150K - £360K
Sold Prices/m²£1.8K/m² - £4.4K/m²

 

 

Square Metres

66 m²
Price/m²£3K/m²

Value Estimate

£157,385

Investment Opportunity

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£49,972

Stamp Duty & Legal Fees

£7,197

Total Cash In

£57,169

 

 

Cash Out

 

Room Rate

£468

Gross Rent

£1,872

Running Costs/mo

£1,459

Cashflow/mo

£413

Cashflow/yr

£4,957

ROI

9%

Gross Yield

11%

Local Sold Prices

50 sold prices from £150K to £360K, average is £210K. £1.8K/m² to £4.4K/m², average is £2.7K/m².

Price
Date
Distance
Address
Beds
 
£178K11/240.03 mi41, Wendiburgh Street, Coventry CV4 8EX3
£222K08/210.04 mi287, Mitchell Avenue, Coventry, West Midlands CV4 8DU3
£191K02/230.1 mi71, Walsall Street, Canley, Coventry, West Midlands CV4 8EZ3
£225K06/210.17 mi53, John Rous Avenue, Coventry, West Midlands CV4 8FB3
£155K09/210.18 mi8, Papenham Green, Coventry, West Midlands CV4 8BQ3
£230K02/230.22 mi73, John Rous Avenue, Coventry, West Midlands CV4 8EU3
£210K10/240.22 mi101, Gerard Avenue, Coventry CV4 8FY3
£193.5K06/250.24 mi120, Prior Deram Walk, Coventry CV4 8FS3
£193.5K06/250.24 mi120, Prior Deram Walk, Coventry CV4 8FS3
£170K03/230.25 mi11, Preston Close, Coventry, West Midlands CV4 8DF3
£210K08/210.3 mi109, Torrington Avenue, Coventry, West Midlands CV4 9AP3
£165K02/230.35 mi21, Scarborough Way, Coventry, West Midlands CV4 8DE3
£200K09/240.4 mi362, Charter Avenue, Coventry CV4 8BZ3
£197K11/220.41 mi120, Westcotes, Tile Hill, Coventry, West Midlands CV4 9BG3
£150K05/250.45 mi7, Hayton Green, Coventry CV4 8BW3
£150K05/250.45 mi7, Hayton Green, Coventry CV4 8BW3
£255K03/250.46 mi50, Cherry Tree Drive, Coventry CV4 8LZ3
£255K03/250.46 mi50, Cherry Tree Drive, Coventry CV4 8LZ3
£209K06/210.48 mi302, Torrington Avenue, Coventry, West Midlands CV4 9HG3
£242.5K10/220.49 mi29, Templar Avenue, Coventry, West Midlands CV4 9BQ3
£165.5K03/250.49 mi99, Westcotes, Coventry CV4 9BE3
£203K01/250.49 mi32, Templar Avenue, Coventry CV4 9BP3
£290K06/210.49 mi2, Excelsior Road, Coventry, West Midlands CV4 8ND3
£235K11/240.49 mi139, Standard Avenue, Coventry CV4 9BT3
£246.5K05/250.5 mi6, Ridefort Close, Coventry CV4 9YH3
£246.5K05/250.5 mi6, Ridefort Close, Coventry CV4 9YH3
£160K03/250.51 mi51, Freeburn Causeway, Coventry CV4 8FP3
£200K06/210.51 mi165, Eastcotes, Tile Hill, Coventry, West Midlands CV4 9AT3
£200K06/230.51 mi133, Eastcotes, Tile Hill, Coventry, West Midlands CV4 9AT3
£201K08/250.52 mi132, Standard Avenue, Coventry CV4 9BS3
£360K11/240.52 mi11, Ridefort Close, Coventry CV4 9YH3
£270K03/250.52 mi29, Silver Birch Avenue, Coventry CV4 8LP3
£240K11/220.52 mi136, Standard Avenue, Coventry, West Midlands CV4 9BS3
£212.5K06/250.54 mi4, Freeburn Causeway, Coventry CV4 8FQ3
£212.5K06/250.54 mi4, Freeburn Causeway, Coventry CV4 8FQ3
£275K05/250.54 mi8, Robin Close, Coventry CV4 8NJ3
£275K05/250.54 mi8, Robin Close, Coventry CV4 8NJ3
£185K04/250.55 mi67, Westcotes, Coventry CV4 9BB3
£185K04/250.55 mi67, Westcotes, Coventry CV4 9BB3
£255K01/250.55 mi12, William Kirby Close, Coventry CV4 9AD3
£250K12/240.55 mi25, Tremelay Drive, Coventry CV4 9YA3
£185K02/250.56 mi28, Torrington Avenue, Coventry CV4 9AR3
£249K06/210.57 mi32, Westcotes, Coventry, West Midlands CV4 9BD3
£340K03/250.57 mi24, Fieldfare Way, Coventry CV4 8DX3
£340K03/250.57 mi24, Fieldfare Way, Coventry CV4 8DX3
£231K02/250.57 mi22, Timothy Grove, Coventry CV4 9BU3
£210K07/250.59 mi96, Eastcotes, Coventry CV4 9AU3
£210K07/210.6 mi49, Gravel Hill, Coventry, West Midlands CV4 9JD3
£186K06/210.6 mi41, Standard Avenue, Coventry, West Midlands CV4 9BX3
£250K06/230.61 mi452, Tile Hill Lane, Coventry, West Midlands CV4 9DY3

Local Area Statistics

Population in CV4

32,767

Population in Coventry

351,075

Town centre distance

3.10 miles away

Nearest school

0.10 miles away

Nearest train station

0.98 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

-32%

Sales demand

Balanced market

Capital growth (5yrs)

+11%

Property History

Listed for £199,888

April 24, 2024

Sold for £197,500

2018

Sold for £82,000

2004

Description

Rare Investment opportunity - For Sale with Full Planning Permission to extend to 5 bedrooms 5 bathrooms and HMO Licensing ready. Close to Warwick University,
Currently a 3 bed 3 bathroom house.

Rental yield post development will yield 12.5%+, huge margins here.

Architechural drawings have already been developed and paid for and planning permission has been approved - one of the last properties to get through before the article 4 regulations came into place in October 2023. Building regulations are also ready.

Circa 15 minutes walk to Warwick University , a very popular location with Warwick University students, being about as close as you can get as well as being minutes away from cannon park, Tescos, Sainsburys, McDonalds, Subway, KFC, Starbucks, Nisa locals and much more.

Offered fully furnished
Gas central heating
Double glazing
Semi detached with driveway
Front garden and large rear garden with large shed
Fully furnished at present

Will not be on the market for long.
As an agency we will include free advise from our HMO specialist post purchase to help you maximise your investments.

Agent Details

Henrys Estate Agents, Coventry

024 7767 2272

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪