18 Ropery Road, Gainsborough, DN21 2NP

This six bed HMO, semi detached property is an ideal opportunity for investors, developers or landlords alike seeking a high-yielding, 'turn key', House of Multiple Occupation (HMO), with 'tenants in situ'. With six double bedrooms, each with its own ensuite bathroom, this setup is perfect for long-term rental income.

Key highlights:

6 double bedrooms, each with enuite bathrooms. This is very appealing to tenants seeking privacy and comfort, which can justify higher rental prices.

Driveway for multiple cars, as well as a garage. Valuable for tenants, particularly in urban or suburban areas where parking is limited.

Two separate, Large kitchen/diner areas, essential for a shared living setup, offering enough space and facilities for all tenants.

15%+ gross yields. Extremely attractive from an investment perspective.

Large, secure gate and outdoor area to the front. Additional security and outdoor space increase tenant appeal and satisfaction.

Having tenants in situ also means immediate rental income without the need to advertise or fill vacancies.

Previous Purchase date by current vendor: 31.10.2018, (former 4 bed, 2 bathroom property).

Completion date to HMO conversion: February 2019.

Monthly Income per room

• Room 1 - £435,
• Room 2 £433.33 which is equal to £100 per week depends on 4 or 5 weeks in a month,
• Room 3 - £395,
• Room 4 - £395,
• Room 5 - £395,
• Room 6 - £368.33 which is equal to £85 per week depends on 4 or 5 weeks in a month.

Total monthly gross income is equal to approximately £2,421 or £29,060 per annum.

Monthly Running costs:

• Home Insurance: £45.60,
• Broadband: ( Talk Talk') £39.58,
• Gardener: £6.6666666666 (£80 per annum),
• Professional Cleaner: £30.00 per month,
• Council Tax: (West Lindsey District Council, Band E') £150,
• Gas & Electricity: £200,
• Water & Sewerage: £72.00,
• TOTAL - £507.18 pcm.

Income vs Costs

£507.18×12 = £6,086.16 per annum.

£29,060 - £6,086.16 = £22,973.84. This figure is subject to mortgage, and any other deductible costs, included taxes.

All prospective viewers and buyers are required to perform their own due diligence & checks before committing to any investment and or to seek further professional advice.

Notice
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.