Thursday, 8 October 2015

Large Terraced House in Thornhill - Potential For 4 Bedroom Multi Let Earning £1,560pcm

This 3 bedroom, 2 reception room terrace is on the market for £100,000 and needs a lot of work (a full refurb throughout including new kitchen and bathroom) which makes it unworkable as a family let but it could make financial sense if rented on a room-by-room basis to working adults

Ideally you'd look at reconfiguring it so that the large kitchen could double up as the shared living space and then that would give the opportunity to use the 2 reception rooms as bedrooms, which when combined with the 2 existing first floor double rooms gives 4 doubles to rent out (I've discounted renting the small box room)

You could look at installing ensuites into the 4 bedrooms (they are all big enough to accommodate this) and that would have a significant impact on the achievable rent - it would go from around £75  - £85 per room, per week (on a bills included basis) to £90 - £100 per week, depending on the overall condition

Doing the 4 rooms as above would avoid the need to obtain an HMO License (as Sunderland Council only require 5+ bedroom HMO's to require a License)

If you budgeted for the more major plumbing work involved in installing ensuites (as Saniflow style toilets should be avoided at all costs) you could be looking at £1,560pcm based on the £90 per room per week figure

I'm no builder so you'd need to do your own due dilligence and obtain prices for the work required

Click here for details

If considering this I'd also suggest you take a look at or similar sites to get an understanding of the competition out there, both in terms of the rents being sought but equally the standard of accommodation on offer - as some of it is of a very high standard

Call me on 0191 567 8577 or email if you would like to discuss this property, the Multi Let strategy in general or any aspect of property investment in Sunderland

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