A great opportunity to acquire a well established student HMO that has been recently renovated to a high standard. The three bedroom, one bathroom property is in a popular residential area just off Newland Avenue, close a range of local amenities including shops, cafes and bars, and to the sought-after streets of Clough Road and Cottingham Road.
Based on 75% LTV with a 5% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow is over £492 per month and ROI is 14%.
The property is currently let to students. The accommodation is spacious and versatile, and would appeal to any demographic of tenant, therefore the occupants could be changed to a professional house share or a family let if preferred. The house is fully double glazed, including the front and back door and is heated by a gas combi-boiler.
The property benefits from an arched entrance porch to the front and is entered through a UPVC door that is styled in keeping with properties of this age. The ground floor shared accommodation comprises a bright entrance hallway, a stylish living/dining room with an exposed brick chimney breast, wall mounted TV and a modern recently refitted kitchen with appliances. The kitchen units are white with a gloss finish complimented with wood effect worktops. The wood flooring in the living/dining room provides a warm feel making the space homely and inviting.
There is a lobby area to the rear of the kitchen which leads into the modern shower room. The shower room benefits from a large corner shower cubicle, toilet, basin with unit below, large double mirrored cabinet above and a matt black towel radiator.
The first of the bedrooms is located at the front of the property on to the ground floor, a smart double room with an exposed brick chimney breast.
To the first floor there are two further spacious well proportioned double bedrooms. All three of the bedrooms are well equipped with double beds, mattresses, bedside cabinets, wardrobes and desks.
Access to the private rear courtyard is from the lobby to the rear of the kitchen. The courtyard is of a generous size with hardstanding which is low maintenance and provides an ideal entertaining space for tenants.
The property is well located just off of Newland Avenue. Princes Avenue, Cottingham Road and Beverley Road are a short walk away. These roads offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Lloyds Bank, Tesco, Sainsburys and a post office.
The property is also within walking distance of the University of Hull, the excellent location means that the property has versatility allowing it to be easily switched between student and working tenants dependent on market demand and owner preference.
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 can provide supporting evidence.
As the HMO has under 5 occupants no HMO Licence is required at present. Being an HMO the property has been installed with a Grade D – mains interlinked fire detection system with battery back up. Thumb turn locks on exit doors and amenity standards sufficient for the number of occupiers.
