No management or maintenance costs, so cashflow straight away with this FR&I lease (Full Repair and Insure lease) in Coventry

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sold out

No management or maintenance costs, so cashflow straight away with this FR&I lease (Full Repair and Insure lease) in Coventry

249.00

Reserve this investment opportunity for £2497

Figures in Brief:
Sale Agreed at: £120,000
Cash Flow (BTL): £487.50 (@3.5%)

Yield : 7.5%

ROI : 15.52%

Property Description:  1x lounge (currently used as a 3rd bedroom), 2x bed, 1x kitchen/dining room, through room (used as a utility room) to WC and walk-in shower. Good size garden.

Currently on an FR&I (Full Repair and Insure lease) with Cornerstone Properties. Lease is 3 years long, currently 1 year in. There is no management or maintenance costs. Rent is guaranteed £750 per month.

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Property Information:


Property Address: Dorest Road, Coventry, CV1 4EH

Number of Bedrooms (current):  2

Is there potential to add a bedroom?:  no

Reception Rooms: 1

Bathrooms/shower-rooms:  1

Agreed Sale Price: £120,000

Fair Market Value (DUV): £130,000

Comparable 1: https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=53320875&sale=7117615&country=england

Comparable 2: https://www.rightmove.co.uk/house-prices/CV1/Dorset-Road.html

Comparable 3: https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=74567690&sale=9430990&country=england


 Market Status: on the market

Why is the property being sold?: The landlord or co-operate selling off assets

Is the property in a lettable condition: Yes

Is the sale price negotiable?: Yes

Property Type: House

Freehold or Leasehold: Freehold

Is the property part of portfolio?: Yes, seller has more

Exit Strategy 1: BTL

Potential Target Demographic: Investors


 Refurbishments Required

Estimated Refurbishment Costs: NA


BTL Figures (Buy to let)

Purchase Price: £120,000
Refurb costs: £na
Legal costs: £1200
Stamp Duty: £3600

Survey: £na
Broker Fee: £400
SMP Consultation Fee: £2497
Rental Income: £750
New Mortgage (3.5%): £262.50

Estate Agent Rate (10%): £na
Management & operating Expenses (10%): £na

CASH FLOW: £487.50

Yield : 7.5%

ROI : 15.52%

Disclaimer : Perform your own Due Diligence. The ROI above is not a guaranteed return and is an indication of the potential based on achieving the relevant figures in all aspect of the purchase, refurbishment and refinance/resale. All figures will be subject to the buyers status and market fluctuations.


 

Area Description:  Most properties on the street are rented to families. It used to be occupied by students, but less so since the new student pods were built.
Peaceful area, has a corner shop a couple of minutes walk away. Free on street parking. Walking distance to Coventry City Centre and University.

Nearest Train Station: Coventry


 

The fine Print
SMP operates in trust with its potential investors. SMP is registered with the Property Ombudsman Group. SMP prides itself on delivering BMV deals with accuracy and confidence. The sourcing fee for this deal is £2497(inc VAT) which is paid on completion of the sale. A £249 deposit is required to secure the deal which is refundable if the investor decides not to proceed to an agreed sale with the vendor, ie after viewing. The deposit is not refundable if the investor pulls out of the purchase after sale agreed. 

SMP takes no responsibility if deals “fall through” for matters out of our control. It is always highlighted that property investment carries an element of risk and ultimately a deal may not be successful. There for deal owners are advised to carry out their own due diligence to confirm for themselves the findings SMP present. SMP has no control of the UK property market prices and investments can be lost or profit margins shortened with the fluctuating market