I've come across this great property on Haddon Avenue in Burley which looks to have some great potential. It's in a great spot which would appeal to either students or professionals.
The property is in reasonable condition as it is and the advert claims it has a healthy monthly rent per room but I would definitely want clarification as to whether those rental amounts include the utilities as from my experience as it's a house share and from those figures I would imagine it does. You wouldn't want any surprises when it comes to your predicted return.
It's a 5 bed house but as you can see from the advert, it's only been let to 4 tenants as the fifth room is small so there's currently wasted space. In order to maximise the space I would recommend spending some money to bring the property up to a high spec where you could command a higher rent. I would suggest turning that small bedroom into a either a house bathroom or en-suite for the larger bedroom. I would also suggest knocking down the wall in between the living room and kitchen to make a more open space, fit a new kitchen and update the decor.
This work wouldn't cost a huge amount; maybe in the region of £10-15,000 and then you'd be able to rent the property out for around £1650pcm. If you were able to get this house for around £150,000 that would then give you a great return of over 12%.
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