6 Bed HMO, Preston, PR2 2JD, £350,000

Tulketh Brow, Preston, Lancashire, PR2 2JD - 8 views - 3 months ago

HMO
Refurb/BRRR
Planning
ROI: 4%
~186 m²
+20 photos

ValuationUndervalued

Sold Prices£92K - £647K
Sold Prices/m²£868/m² - £2.6K/m²

 

 

Square Metres

~186 m²
Price/m²£1.9K/m²

Value Estimate

£360,500
BMV3%

 

 

End Value (After Refurb)

£269,235

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£87,500

Stamp Duty & Legal Fees

£16,700

Refurb Costs

£78,713

Bridging Loan Interest

£9,188

Total Cash In

£193,851

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£269,235

Mortgage (After Refinance)

£201,926

Mortgage LTV

75%

Cash Left In

£193,851

Equity

£67,309

Room Rate

£451

Gross Rent

£2,706

Running Costs/mo

£2,051

Cashflow/mo

£655

Cashflow/yr

£7,862

ROI

4%

Gross Yield

9%

Local Sold Prices

9 sold prices from £92K to £647K, average is £352.5K. £868/m² to £2.6K/m², average is £1.9K/m².

PriceDateDistanceAddressBeds 
£92K04/210.54 mi54, Eldon Street, Preston, Lancashire PR1 7YE6
£248K07/230.8 mi83, Brackenbury Road, Preston, Lancashire PR1 7UR6
£647K03/211.12 mi15, Watling Street Road, Fulwood, Preston, Lancashire PR2 8EA6
£340K05/211.23 mi44, Dukes Meadow, Ingol, Preston, Lancashire PR2 7AS6
£125K11/211.49 miApartment 1, 9, Bairstow Street, Preston, Lancashire PR1 3TN6
£370K12/201.6 mi15, Bushell Place, Preston, Lancashire PR1 3TQ6
£420K06/211.82 mi3, Abbot Meadow, Penwortham, Preston, Lancashire PR1 9JX6
£475K11/201.87 mi2, Parklands Close, Penwortham, Preston, Lancashire PR1 0QN6
£352.5K11/202.22 mi22, Moorside Drive, Penwortham, Preston, Lancashire PR1 0XF6

Local Area Statistics

Population in PR2

77,713

Population in Preston

286,036

Town centre distance

1.50 miles away

Nearest school

0.20 miles away

Nearest train station

1.22 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

-7%

Sales demand

Seller's market

Capital growth (5yrs)

+25%

Property History

Listed for £350,000

January 22, 2025

Floor Plans

Description

  • Newly renovated 6-bedroom HMO. +
  • Rent roll £3975 per month +
  • Five ensuite double bedrooms, plus one double room with access to additional bathroom. +
  • Brand new kitchen with breakfast bar. +
  • Freshly decorated with new flooring throughout. +
  • 20-minute walk to UCLAN and the Marina. +
  • Ideal investment +
  • CHAIN FREE +

HMO Investors - Too Busy For Back To Brick Refurbs? Then consider this newly renovated, ready-to-let 6 bedroom HMO with cinema room. It’s close to the shops, only 20 minutes walk from UCLAN and delivers £3975 in rent per month.

Some HMO investors love finding a property with potential, getting the planning permission/change of use then doing the refurb themselves.

Other investors prefer all that to be done for them and are happy to pay to take on a ready-to-let HMO with everything having already been taken care of.

This six bedroom, newly renovated mid-terrace is very much for investors who want a hassle-free HMO where they can quickly start to see the rent roll in.

It has six bedrooms split over three floors. Two in the basement, two on the ground floor and two on the first floor.

Five of the six bedrooms are doubles with stylish ensuite shower rooms.

It’s been freshly decorated with new carpets and flooring throughout.

The spacious kitchen / diner is also brand new. There’s plenty of storage space in the shaker style fitted units, with new integrated appliances including two fridge freezers.

Rather than wasting space with a formal dining table that rarely gets used there’s a more practical breakfast bar which will be ideal for tenants grabbing a bite to eat on the go.

It’s in a handy location only a couple of minutes from the shops, pubs and takeaways on Blackpool Road.

It takes around 20 minutes to walk to the UCLAN student union and the same time to the Marina.

It’s a little further to the city centre - walking will take around half an hour or you could catch the bus, which will take around 15 minutes.

This stylish three storey HMO is in immaculate condition and with good quality furniture, art and soft furnishings could equally appeal to both students and professionals looking for an affordable alternative to a flat.
Council tax band: B

Agent Details

Michael Bailey, Powered by Keller Williams, Preston

0117 298 0991

Next Steps?

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