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.