Refurb Investment Opportunity 10k Profit and 8.5% Yield! on Cavendish St. with Darwen Estate Agents - Ainsworth Lord Estates

Was having me T last night and Debs was telling me about one of the houses she'd recently been instructed on (she knows I always like to hear that kind of stuff), on Cavendish Street in Darwen.

She tells me it's a nice refurber for a new Landlord or investor, that wants a house to do up and either sell for a quick profit, or keep and rent out with a decent rent.

Low Risk Investment
When she says a 'New Landlord or Investor', this means it's going to below risk. Why's that I hear you ask? Good question...

Well, Debs has plenty of experience at what she does, and has had some cracking results on Cavendish St. She got £85k for one not that long ago further up the street. So as you can see it sounds a good deal?

Strong Rental Demand
And Cavendish Street is in a good location for the main road, schools and motorway etc... rental demand is always good round there.

So... I'm interested in looking at it so I can let you guys know, and if you're not too late, it looks a decent buy for sure.

Here's the baby..

Investor Refurb Opportunity on Cavendish St Darwen

Here are a few of Debs' internal shots...

So, it's obvious it needs a refurb on it. But she tells me the house itself has been well looked after, and is just old fashioned inside.

Bit dated, but that an easy fix

Yep, it's a bit dated, but that's ok. 

Rip out the stone work, if you're up to it maybe take chimney right out to roof. (Make sure you know what you're doing here - or get someone in to do it), it makes all the difference to the room sizes, and certainly adds value.

Ok, so it needs a new kitchen?

New Kitchen... allow say £2-3k

Replace with a Nice new kitchen from Howdens (make sure they don't take mick on prices)

Use nice tiles and nice lights, and ask the wife to choose the painting colours (women are better than us fellas at that).

Sorry, Peach is out

New Bathroom... Yes, peach is out I'm afraid.

Budget say £1500 for comfort, and do a proper job!

Don't forget put independent electric shower in.

Easy £10k Profit and 8.5% Yield - No Brainer!

So folks, let's do the numbers..

Purchase Price: £55k

Budget £15k refurb spend on it (You will be able to do it for less, I'm sure, but always better to work on higher numbers).

Total Spend £70k

To sell on.... Debs reckons she could get £85k with a nice job done. So a nice easy profit, and it sits comfortable with me on my £10k Profit Model.

If you wanted to rent it out...

So it stands you at £70k

I reckon a nice 2 bedder on here will achieve between £500 - £525 depending on standadr of job and finishing touches..

So again working on worst case numbers at £500 pcm (£6kpa) That gives us a nice sensible return at 8.5% Yield and because you'll have done a nice job on it there shouldn't be much, if any, ongoing maintenance AND the rental market it will snap it up quick!

But.... if you made it into a 3 bedder, then the numbers all change!

We only do nice coffee

If you're interested in having a chat about this one, or any other you've seen up for sale with any of the Estate Agents in Darwen, why not bob down to our office on Market St (opposite YourMove Darwen and Boots the chemist in the town centre).

We're always happy to offer a second opinion over a nice coffee (we only do nice coffee).

But you could always email me on paul@ainsworthlordestates.com 

Or give us a ring.. 01254 760660.