This property has had a RICS valuation carried out at £100,000.

The cost is £83,000 which includes our fees.  This is 17% below the RICS valuation, and represents an immediate £17,000 in equity.  An 80% LTV mortgage advance would give you £80,000.

We can package the deal so that you would only need to put down £6,000 of deposit money. If this finance option is of interest please advise and I can give you further details.

The property will rent out on a single tenancy agreement for £600 pcm privately or £947 pcm with DSS tenants at the 4 bed Local Housing Benefit rate, giving a rental yield of 8.7% or 13.7%

Based on The Mortgage Works 1 year fixed rate of 4.69%, this gives a positive monthly cash flow of either £288 or £635.

Or it would be ideal to convert to an HMO, with potential to let out 5 rooms in the region of £300 pcm each.

About the property:

The property comprises entrance hallway, lounge, kitchen, landing, two bedrooms and family bathroom on the first floor and two bedrooms on the second floor. It also has off road parking.  It benefits from a gas central heating system and uPVC double glazing.

Comparables:

For sale

Tempest Road                                                              £120,000 

Sold

180 Tempest Road                  10.05.07                    £120,000

Rent

Tempest Road                       4 bed terrace                    £900