Published date: 22/10/2020
Modified date: 07/08/2021
  • Location: Ashcamp, Kentucky, United States

RECENTLY COMPLETED REMODELLED AND REFURBISHED 4 BEDROOM, 2 BATHROOMS HMO FULLY TENANTED THE FOLLOWING PROPERTIES HAVE ALL BEEN NEGOTIATED ALREADY, HOWEVER SINCE THAT DAY THIS CRISIS HAS DEEPENED. WE THEREFORE WILL FORWARD ANY REASONABLE LOWER BID AND USE ALL OUR INFLUENCE WITH THE LOCAL AGENTS/VENDORS TO ACCEPT SENSIBLE OFFERS. Purchase Price £202,500 inc fees Total Cash required from client - £70,500 Rental Income net of water, gas, electricity: £19,760 per annum NET RETURN ON INVESTMENT:17.19% per annum Net income per annum assuming mortgage payments of £12,124.00 per annum This property has been inspected and awarded a 4 bed HMO certificate by Salford council. This is no longer possible to obtain, in the Salford area, without a full planning application. The permissions are now almost impossible to obtain within streets that are close to the University. The property is adjacent to the University halls in the centre of the most sought-after student area. The large bedrooms are very attractive to students as they have a good living space, are fully furnished and equipped for student life. They also include wi-fi and hard-wired broadband. All the furniture, fixtures and fittings are included in the price. There is a brand-new central heating system in the property, which also benefits from new floor coverings throughout, these are also included in the deal. Our new unique marketing system has ensured that the property is rented ongoing from the new term, which means the rental figures above are actual. The high returns are remarkable when you consider that you are not purchasing just a bricks and mortar property, this does in fact include a business with a year on year turnover of £21,840 virtually guaranteed. We are also anticipating the usual increase in capital value in line with other newly formed Article 4 areas. Salford only bought in their article 4 regulations at the end of 2018. Salford has recently brought in article 4 regulations which means that there can be no more change of use from residential to multi-let without full planning permission. This property is exempt from further planning permission as the HMO conversion was done prior to the November 2018 deadline and the council HMO certificate confirms this. Throughout the Manchester and Salford area there is a huge demand from students, young professionals and graduates alike. The 3 main universities in Manchester and Salford have the largest intake of students in Europe. Whilst the city centre, media city and teaching hospital attract short term contracted workers who need quality accommodation. Due to Article 4, the growing demand far outweighs the supply especially in the Salford student area. This situation can only escalate as there is now only a select amount of properties that are compliant and have obtained the necessary licence. 4 Bedroom properties are the benchmark in converted HMO usage. They give the ultimate balance between a high rental yield and offering the most attractive rooms for students because of the size of the rooms and the general accommodation.


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