Block of 8 flats (7 of 8 let) ranging from okay to tired condition.

Purchased in 2021. 2 units purchased cash. 6 units purchased using a mortgage from a specialist lender.

RICS Valuation: £505,000

Purchase Price: £440,000

GDV: £625,000

Rent at purchase: £2,910pcm (7 of 8 units)

Rent market: £3,925pcm (once all 8 units renovated & let at market rent)

UPDATE 6 MONTHS POST PURCHASE (March 2022)

2 unencumbered flats both renovated & re-let. 1 refinance through (valuation £2k higher than expected), other refinance in progress.

6 mortgaged flats, 5 on original tenants. 6th one is now vacant & being renovated. Once renovation complete this flat will be refinanced onto another lender to release further capital.

In the first 6 months post purchase the block has cashflowed £10,500 after all costs ie mortgages, agency fees, insurance & repairs/maintenance etc.

UPDATE 12 MONTHS POST PURCHASE (September 2022)

5 flats on original tenants

3 flats renovated & refinanced. All 3 valued £2k higher than expected.

The block has cashflowed £20,100 after all costs ie mortgages, agency fees, insurance & repairs/maintenance etc.

UPDATE 3 YEARS POST PURCHASE (September 2024)

4 flats on original tenants

4 flats renovated & relet.

Rent roll at £4,378pcm