Providence Terrace

Project: Providence Terrace
Property type: Two bed terraced house
Exit: refinance & rent as buy to let
Purchase price: £80,000
Cost of works: £10,000
Other costs: £2,000
Total project cost: £92,000

GDV: £120,000
Mortgage: £90,000
Funds left in: £2,000
Rent: £750pm / £9,000pa
Rental profit: £366pm / £4,400pa
ROI: 220% in year one, infinite thereafter

Details:

The property was acquired via an estate agent.

The property was in a fair condition at the time Atlas Property Holdings took it over and required full internal redecoration including some fixtures, new bathroom and new flooring.

The work was completed on budget within 4 weeks.

The post work revaluation was confirmed at £120,000 releasing a mortgage of £90,000 which covered almost all of the initial investment immediately, will 100% of money returned within 6 months.

The area had a strong rental demand and secured a great tenant after being on the market for 3 days.

The property is now future proofed and will deliver a consistent rental return and much needed home for the local community for many years to come.