Rhyl Street, Fleetwood
25% BELOW MARKET VALUE
SMALL BLOCK OF 2X2 BEDROOM FLATS
RHYL STREET, FLEETWOOD, BLACKPOOL, FY7 6BB
MARKET VALUE CIRCA £100,000
PURCHASE PRICE = £74,000
FINDERS FEE £3,000
AUCTION CONDITIONS – REQUIRES IMMEDIATE EXCHANGE WITH 10% DEPOSIT AND COMPLETION WITHIN 28 DAYS
Potential Gross Income = £5980 per year per flat = £ 11,960 per annum
SOLD MARKET COMPARIBLES
• Flat 4, Lyndale Court, Bold Street, Fleetwood, Lancashire FY7 6HW
£55,000 Flat, Leasehold, Residential 08 Jun 2018 2 bedrooms
• Flat 2, Lyndale Court, Bold Street, Fleetwood, Lancashire FY7 6HW
£63,000 Flat, Leasehold, Residential 19 Apr 2018 2 bedrooms
The property is situated close to Fleetwood hospital and the station.
The potential rent is £5980 per year per flat = TOTAL £11,960 per annum for the 2 flats providing a 16% yield.
- To purchase the property for £74,000 and enjoy immediate cashflow
- Potential to title split and refinance against its each title.
- Refinance the property against its commercial valuation and pull out the deposit money
2x2 bed flats @£498 pcm each = £996 pcm = £ 11960 per annum.
COSTS TO CONSIDER: PCM
Mortgage Cost @ 4% = £185 pcm
Management @ 10% plus Vat £120 pcm
CASHFLOW AFTER ALL THE ABOVE COSTS
Managed =£691 PCM = £8292 PER ANNUM
The cashflow figures have been calculated after management
Capital Required To Get Involved:
- Purchase Price = £74,000
- Deposit @ 25% = £18,500
- Auction fee = £1200
- Stamp Duty = £2,220
- Legals = £1,000
- Sourcing Fee = £3,000
The Return On Investment based on an investment of £25,920 = 32% MANAGED
SELF MANAGED = 38%
We are in contact with a local letting agency within this location who would be able to manage the property.
FIRST TO SEE WILL BUY!
If this is of interest call LEO immediately on 07778299103 to reserve.