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Dusties Lodge HMO

Project Details

Investment Opportunity: Renovation of former Public House and let as a large House in Multiple Occupation (HMO)

Location: Dusties Lodge, Canklow Road, Rotherham, South Yorkshire

Bedrooms: 22

Background

This former public house was constructed in 1895 and subsequently converted to a large HMO in the year 2000. The property is located just 0.9 miles from the centre of Rotherham which is a growing town that is favoured by commuters to Sheffield, as well as Leeds and Manchester due to its proximity and affordability. This makes the property a great place for young professionals looking for an affordable place to live.

 

Find out more

The strategy was to purchase the property for our client, carry out a programme of renovation works to create 22 bedrooms compliant with latest House of Multiple Occupation (HMO) standards. This would allow the rooms to be let at a significant increase in rental cost providing our client with an excellent annual yield.

The property is currently undergoing a major programme of refurbishment and renovation works in order to bring it up to current HMO standards. The works are due to be complete by March 2019 and will include new bathrooms, ceilings, floor coverings, fire doors and upgrades to the kitchens, electrics and heating system.

On completion of the refurbishment the property will generate a monthly rental income of £6,940 and monthly cash-flow after costs of £3,287.

Financial Overview

Purchase Price

£545,000

Purchase Costs

£63,423

Cost of Refurbishment

£50,000

Total capital outlay

£658,423

 

 

Monthly rental income

£6,940

Monthly costs

£3,653

Monthly cash flow

£3,287

 

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Team MODUS

Get in touch

Modus Property Limited

Modus House, 100a Wakefield Road, Lepton, Huddersfield, West Yorkshire, United Kingdom, HD8 0DL

Phone: +44 (0)1484 971065

Email: hello@modus-property.com

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