We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5.5%.
The property is a fantastic HMO investment opportunity. The eight double bedroom, two bathroom (plus separate toilet) house is over three storeys. Grafton Street is a popular location within walking distance of the university.
Based on 75% LTV with a 5.5% interest rate and taking buying costs into account (including the buyers fee) the investment opportunity benefits from a projected cashflow of over £669.06 per month and ROI of 9.5%.
The property’s spacious and versatile accommodation will appeal to any demographic of tenant but it has historically been let to professionals and has been designed and styled to appeal to young professionals and students. The house is fully double glazed, including the front and back door and is heated by an Ideal gas combi-boiler. The internal accommodation extends to approximately 147 sqm.
On entering the property you are met with a spacious entrance hall which leads to the two ground floor bedrooms and on to the open plan kitchen, dining and living space beyond. There is a door from the dining and living space leading to the rear courtyard. There is also a bathroom to the rear of the dining and living space. Bedroom one is an impressive room, featuring a large bay window with front aspect. Bedroom 2, originally the second reception room lies to the middle of the property with view to the rear, again it is a generous size.
The bright and spacious open plan kitchen, dining and living space is both functional and practical, ideal for encouraging a social houseshare. The current layout features a lounge area with a large 5 metre red corner sofa, a huge 65 inch wall mounted TV and a breakfast bar. The stylish kitchen has been well designed with white gloss units and striking black worktops. The kitchen is fully equipped including, two ovens, two hobs, two extractor fans, washing machine and a standalone fridge/freezer.
The downstairs bathroom which is fitted with a bath with mains fed mixer shower, toilet, basin, wall mounted cabinet with mirrored doors, and large chrome heated towel rail.
To the first floor there are four further bedrooms which are all of a good size and are well equipped with double beds, mattresses, freestanding furniture, 50 inch wall mounted TVs and mood lighting. The second of the two bathrooms is also on this floor, fitted with a bath with an electric power shower and a basin. Immediately adjacent to the shower room is the separate WC fitted with toilet and small hand basin.
To the second floor, there are two further larger bedrooms equipped with double beds, mattresses, freestanding furniture, 50 inch wall mounted TVs and mood lighting.
Externally the property benefits from a low maintenance front courtyard and rear courtyard.
The current owner holds an HMO licence for the property. 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 and a fire blanket in the kitchen. Please note that while there are fire doors in place, they need to be upgraded with new frames, we have provided an estimated price for this within our costings.
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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)%
