There is always talk of new and potential student properties in Lancaster and less thought is often given to professional HMO lets. This one on Wingate Saul Avenue caught my eye as it comes ready to go with 5 tenants confirmed until September 2017 and compliance with all HMO regulations.
This great semi-detached property can be used in many different configurations. It comprises of 4 bedrooms, 2 good sized receptions, a fitted kitchen and two all important shower rooms. At present, one of the reception rooms is being used as a bedroom, allowing for a 5th tenant and therefore better returns. With wooden floors throughout, it is low maintenance – ready to take over as a new landlord.
It’s current asking price is £180,000 and with the current tenants paying £90 per week on 52 week contracts – your gross return would be 13%. There would be nothing to stop you from converting this to a student let but it could be argued that your overall maintenance cost for students vs. professionals is higher and therefore may eat into your yield!
I think this one is definately worth a look at as it is a ready made package. Here is your link: