Tuesday, 16 February 2016

"Full Refurb" 4 Bedroom Terrace Close to Hospital - May Suit Conversion to "MiniMO" (Generating Income of £1,235pcm)

This 4 bedroom, 2 reception room mid terrace in Barnes is being offered with vacant possession and the decoration, fittings, furniture etc suggests that it's been occupied for some time by elderly homeowners

The location close to Sunderland Royal Hospital, along with the property size means that it may work as a small HMO (or "MiniMO" as I heard it described recently) 

It will need full refurbishment throughout anyway so to reconfigure it at this stage (using one of the 2 reception rooms as a downstairs bedroom and perhaps sacrificing the smaller bedrooms to provide an additional bathroom/shower room) may pay dividends

Doing it this way will allow 4 lettable bedrooms (the 3 doubles may even be big enough to accommodate a small ensuite 'pod' which will increase the achievable rent and attractiveness to potential tenants) along with a communal lounge and kitchen

Being only on 2 floors and only having 4 lettable rooms means it will not fall into HMO licensing criteria, which will mean less paperwork and cost

It would be difficult to calculate return given I can't hope to suggest the total refurbishment cost but based on renting the 3 doubles at a conservative £75pw and the single at £60pw it will deliver an annual income of £14820 or £1,235pcm

It's being marketed by Dowen so click the link http://www.rightmove.co.uk/property-for-sale/property-39486048.html  and call them to arrange a viewing

If you'd like to discuss this 'MiniMO' strategy or any aspect of property development in Sunderland please call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com

No comments:

Post a Comment