5x high end flats in the same development. 3x 1 bed & 2x 2 bed.

Purchased in 2022 on a bridging loan. 4x flats tenanted, 1x flat vacant.

RICS Valuation: £470,000

Purchase Price: £330,000

Rent at purchase: £2,220pcm (4 of 5 units)

Rent market: £2,900pcm (5 of 5 units)

UPDATE JANUARY 2023

3 flats (2x 2 beds & 1x 1 bed) refinanced onto BTL mortgages. 1 of the 2 bed flats was re-let for £700pcm (up from £575pcm).

2 flats (2x 1 beds) sold on open market after minor renovation. 1 of them was re-let prior to sale (buyer was an investor) for £595pcm (up from £525pcm).

Total of refinance values & sale prices was £490,000.

The 2x re-lets means a new market rent (post refurb) across all 5 flats of £3,185pcm

SUMMARY

3x high end flats added to our portfolio for £2,600. (Ie £2,600 "left in the deal").

Equity added to the portfolio = £77,500.

Ie it cost us £2,600 to add £77,500 of equity.