We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.
A fantastic newly refurbished HMO, the five bedroom, two bathroom house is located just off Beverley Road and a stones throw from Cottingham Road and Hull University. Beverley Road is a popular location for both students and working professionals due to the range of amenities available, including cafes, restaurants and supermarkets.
Based on 75% LTV with a 5% interest rate and taking all buying costs into account including our buyers fee the projected cashflow of over £850 per month and ROI of 18.6% present a very healthy and appealing investment proposition.
The property’s spacious and versatile accommodation will appeal to any demographic of tenant but it has historically been let to students and has been designed with students in mind. With the spacious bedrooms offering dedicated work spaces, a fully equipped modern kitchen diner and separate lounge. A perfect setting for housemates to socialise and get the most out of their time as students at Hull University.
The internal accommodation extends to approximately 123 m2 / 1,324 ft2. The front of the property is approached via a Pedestrian path from the vehicular access end of Strathearn Street or the 10 ft to the side, the property is a forecourted end terrace benefitting from a good sized enclosed front garden. The street is predominately made up of owner occupier properties, resulting in quiet and well maintained surroundings.
Upon entering the house you are greeted with a light entrance hallway with lovely high ceilings, down lights and appealing neutral decor which is carried throughout the property. To the front of the property there is the bright and spacious living room with large bay window, oak effect herringbone flooring and blue feature wall. The living room is furnished with comfy sofas, a large wall mounted TV, attractive artwork and wood effect venetian blinds to the bay.
The middle reception room has been transformed into a spacious and bright bedroom with high ceilings, modern blue feature wall, wash hand basin with vanity unit below and wall mounted mirror cabinet above.
At the end of the hallway a door leads through to the modern open plan kitchen and dining space. The space is well laid out with the sink in front of the window, electric oven, hob, extractor, dishwasher and washing machine.
Beyond the kitchen there is a rear entrance hall and lobby providing access to the garden, shower room and a separate WC.
To the first floor there are four further well proportioned double bedrooms and a modern shower room.
All bedrooms are decorated in whites, neutrals and blue feature walls. The bedrooms have been tastefully furnished with Venetian window blinds, modern light fittings, double beds, mattresses, bespoke furniture including: wardrobe, drawers, workspace, chair and wall mounted TV.
Externally the plot is generous for the size of property and extends to approximately 0.069 acres. The rear garden has been converted to mostly hard standing including concreted paths and paved area suitable for seating and alfresco dining in Summer months. Rarely seen in this central location the property also benefits from vehicle access to the rear providing optional off street secure parking.
The property is fully double glazed, including the front and back door and is heated by a gas ‘Ideal’ combi-boiler.
The current owner holds an HMO licence for the property and has confirmed that the property met with all of the conditions of the licence. Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person not the property – a new licence is required upon transfer of ownership.
The property meets with current fire regulation requirements having a Grade D mains interlinked fire alarm system installed, fire doors throughout and a fire blanket in the kitchen.
The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMO’s without planning permission, due to the cap on new supply the demand for these properties has gone up significantly and as such the values are strong. This property was converted prior to the implementation of the A4 and the seller has a certificate of lawfulness to evidence this.
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Buyers premium of £5,940 inc VAT is payable in two parts:
– A non-refundable reservation fee of 25% plus VAT or £1,500 plus VAT (whichever is greater)
– The balance is due upon legal completion (which is collected and paid by the buyers solicitor)
