Penn Street

Property Details

• Purchase price: £40,000

• Refurb: £10,000

• Refinance value: £90,000

• Cash into project: £22,000

• Cash-out from refinance: £37,500 (deposit built by over £15,000!)

We purchased this property at auction in average condition and with a tenant already in place. We carried out some garden work and a full redecoration; changing the kitchen and replacing all floors. The value has increased substantially from the original purchase price, allowing us to grow our deposit by over £15,000 on the refinance. This property will be kept in the portfolio as the rental is good and the tenant wants to stay long term.