House has previously been operated as a HMO and comes complete with:
- Recently renovated new kitchen and bathroom
- Fully furnished bedrooms with beds, chest of drawers and wardrobes in all bedrooms (descent/ good condition)
- Fire doors to all bedrooms and kitchen
- Mains connected, interlinked fire alarm
- Thumb turn locks on front and back doors
The house simply needs painting and new carpet throughout to bring the house up to a great standard. A budget of approximately £2,000 should cover all required work. A quote of £1100 has already been obtained to carry out the paintwork.
The Landlord is a London based investor who wants a steady income of £785pcm from the property but doesn’t want the hassle of managing it. They are happy to sign a 5 year Rent to Rent deal and sign an extension upon good behaviour.
Located within the popular Brayford Wharf (LN5) area, with high demand for both student and professional house shares.
- 8 Minute walk to Tesco Superstore
- 7 Minute walk to Lincoln High Street
- 13 Minute walk to Lincoln train station
- 13 minute walk to St Marks Shopping centre
- 15/20 minute walk to Lincoln University
- Room 1: £90pw (£390pcm)
- Room 2: £90pw (£390pcm)
- Room 3: £85pw (£370pcm)
- Room 4: £70pw (£300pcm)
- Total = £1,450
**These are rates the rooms were previously being rented for. With the upgrade the total rent can be increased by upto £50.
- Council Tax: – £110pcm
- Broadband: – £30pcm
- TV license: £15pcm
- Water: £55pcm
- Gas & Elec: £105pcm
- Total = £315
- Rent to Landlord: £785 pcm
Net Cash Flow
Cash Flow Over 5 Years : £21,000-£24,000
Further opportunity to increase cash flow by renting to students. Total potential cash flow rising to £30,600