Duffryn Terrace (HMO Conversion)

Property Details

• Purchase price: £39,000

• Refurb: £15,000

• Refinance value: £100,000

• Total cash in: £26,000

• Cash-out at refinance £46,000 (deposit growth of £17,000!)

We purchased this property as a two bedroom, three storey house in a very old fashioned state. Following a light refurbishment, we rented this property for £400pcm.

We applied for planning to convert to a four bedroom HMO, this was granted in late 2019. By March 2020, the HMO refurbishment was complete and by April the four rooms were let for an average of £85pw. The total income for the building comes in at £1400pcm, after costs this unit makes £1000pcm profit.

We will be looking to acquire more HMO conversion properties next year for our portfolio.