- 20% BMV
- 23% Yearly ROCE
- 10% Yield
- City Centre Location
- Potential to add a Bedroom
- Refinance to pull Money out
Sourced are pleased to offer this 2 bedroom, mid-terrace property, situated in Carlisle, close to local infant/primary schools and within walking distance to the city centre.
The accommodation comprises of a lounge open to a dining room, kitchen and hallway. To the first floor there are 2 double bedrooms and a bathroom with a modern 3 piece suite. The property also benefits from double glazing, central heating and rear enclosed yard.
The plan is to carry out a light refurbishment throughout the property, to add value and generate the highest possible rental yield.
We can assist with the building works, if required, as we have contractors available locally. Once refurbished, the property will value at £77,000 and will achieve a monthly rent of £450+.
One refinanced at the new valuation, there will be just £11,000 left in the deal and the property will generate a net ROCE of 23% after agent fees, maintenance, voids and mortgage costs.
The property is currently vacant and we have agreed a price of £55,000, which is 20% below market value.
Purchase price: £56,000
Refurb cost: £1,000
Sourcing fee: £3,500
Rental income: £5,400 pa