About this investment

Manchester, M24 – 7% Yield

The Client Brief

We sourced this property for an investor who wanted us to find them a traditional house in Manchester, that didn’t need a lot of maintenance, was in a strong rental area and had excellent transport links.

The client was delighted that we found this well presented 3 bed end town house property situated on a pleasant cul de sac located in the popular area of Middleton, 6 miles from Manchester City Centre and 1.4 miles from Middleton shopping centre with all the local amenities nearby.

The accommodation comprises of grand entrance hallway front reception room rear fitted kitchen diner with double glass doors gaining access to the family garden on the ground floor. First floor boasts three generous sized bedrooms and a white four piece bathroom suite.

Transport links

Three train stops are within a 2 mile radius with the closest being just 0.9 miles away. The regions local motorway links including the M60, M62 are close by allowing easy access to the Trafford Centre, Manchester Airport and surrounding areas.

Externally to the rear is a pretty paved patio with grassed lawn the front offers a grassed lawn parking is available nearby to this premium family home.

The Repairs

The kitchen was in excellent condition already and only needed minor works.  The oven and boiler have been checked as part of the gas safety inspection and new smoke alarms fitted.

Decoration work completed in several parts of the property including changing the feature wallpaper in the lounge to a more neutral paper.

 

The main bathroom floors had some cracked tiles which we have replaced with a good quality vinyl flooring, the bath and shower also had new sealant.

The property was cleaned ready for new tenants to move in.

 

 

The roof needed some minor repairs including work to the flashings on the roof (see before and after works below);

 

We also cleaned the gutters out and sealed the gutter joints to ensure there are no leaks, installed vent tiles to the roof to improve ventilation and installed insulation into the Attic space to improve the EPC rating.

 

The consumer unit in the property was also not upto current regulation standard so this was replaced and a new EICR (Electrical Inspection Condition Report) issued.

The Timescales

From initial viewing of the property to legal completion was 12 weeks the property was then passed to maintenance to finish the repairs and let at the full asking price very quickly.

The Numbers

 

Maintenance Required

Install new insulation to attic space
Clear gutters to front and rear of the property and seal gutter joints
Install new step flashing in code 4 lead to abutment to next property
Patch point brickwork to gable end of property at high level
Reseal bath and shower with moisture resistant sealant
Supply and fit new vinyl flooring in bathroom to replace cracked floor tiles
Remove existing fuse board and install new consumer unit to current standards
Clean property throughout.
Supply and install battery smoke alarm where required.
Supply and install carbon monoxide alarms where required.
EICR.
Gas safety certificate

Success Story in Numbers

Purchase Price: £175,000
Refurb Costs: £5,500
Monthly Rental: £1,050
ROI: 7.2%