We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.
An opportunity to acquire a successful long standing HMO, the five bedroom, two bathroom house is located on a residential street at the heart of Newland Avenue – a popular hub for all Hull residents but especially students being so close to the University and amenities.
Based on 75% LTV with a 5% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow of over £800 per month and ROI of 17% 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 living room. A perfect setting for housemates to socialise and get the most out of their time as students at Hull University.
The property is a traditional end-terrace property and offers approx 118m2 of internal accommodation.
The accommodation comprises – entrance hall with UPVC front door, high ceilings, flush fire doors and tasteful decor which is carried throughout the property.
The front reception is the first of the five bedrooms and offers bright, spacious accommodation. The second reception room is the modern living space which has access to the under-stairs cupboard and leads through to the attractive recently refitted kitchen with appliances including washing machine, integrated dishwasher, fan oven, electric hob and American style side by side fridge / freezer. The Herringbone flooring and white units with black worktops make the kitchen bright and spacious. To the rear of the kitchen there is a modern bathroom. There is access to the rear garden via the door in the kitchen.
To the first floor there are two further well proportioned double bedrooms and a modern shower room complete with shower, toilet and basin with wall unit above.
Up the final staircase to the second floor are the two final bedrooms both of which have sloping ceilings to one side of the room giving them a cosy loft feel with roof windows allowing for natural light.
Externally the plot is approx 0.021 acres with enclosed hard surface yard to the rear with shared pedestrian access to the side.
The property is fully double glazed, including the front and back door and is heated by an ‘Ideal’ gas boiler which has a remote heating control.
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 C-A fire alarm system with call points installed, fire doors throughout and a fire blanket in the kitchen.
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Buyers premium of 3% + 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)
