This property is ideal for the first-time investor owing to its combined low purchase and development cost of £124,000. Empire would expect this property to deliver a gross yield of 20.9%.
The property currently has 3 bedrooms as well as the accommodation in the attic but with two reception rooms and a kitchen the property has enough space to convert in to 5 HMO studio rooms, each ideal for a young working person. The area is rich with employment opportunities with many factories nearby and Sheffield city centre is a short bus ride away.
The typical rents achievable in this area are £95 – £110 per week. When converted the property would have two units on the ground floor, two on the first floor plus one in the attic. The conversion would also allow for a communal area on the ground floor.
Commenting on this HMO opportunity, Paul Rothwell of Empire said, “This is a super property for a first time investor or someone with a small portfolio as the entry price is modest. The actual purchase price of the property is £54,000 with £60k of building a development cost plus the EPC at £10k.
“I like the fact that the would-be tenants are probably already working locally as there are so many factories and small businesses in the area. It’s a great buy.”
For more information on the property, which is at Wincobank Road, Sheffield call Empire Property Concepts on 01302 564263 or visit their web site at empirepropertyconcepts.co.uk to register for their monthly e-newsletter.