Absolute Gem with multiple strategies for investors in Warrington

Good Afternoon, so I spotted this property a few weeks ago and I thought it would have been taken off the market immediately.

click here to view property on rightmove

This is a large two bedroom terraced on Wellfield St (very popular rental street), close to schools shops and town. It is one of the most lucrative rental streets in Warrington. Usually a 2 bedroom house on this street will bring in around £495pcm.

The house does need completely gutting. You are looking at around £20k refurb. However take a look at a similar size property which sold for £120k on the same street.

Click here to view recently sold property

If done to this standard (spending more than £20k) this can be a great project for an investor looking to flip, or a cracking btl investment spending around £20k and getting it to a let standard. It would achieve a yield of 8.4% with a rental income of £495pcm providing you purchase the property at £50k + £20k works. Providing the property is valued around £100k once the works are done, you can then remortgage leave 25% in (btl deposit) and use the money pulled out to find the next deal.

I know that Warrington has become very popular with the Rent to Rent practise - my opinion is there is a saturation of this strategy in Warrington and due to this the demand for room shares has dropped, you can look at this as an option by converting the reception rooms into bedrooms and building a small corridor through reception room two into the kitchen - also splitting the large front room upstairs into two small doubles. This can then become a 5 bedroom hmo each room achieving around £80pw/ £346pcm.I cant stress enough that if done to a basic level you will have a lot of void with this strategy, I have noticed that people who room share are now looking for en suites and will pay that bit extra to find these rooms.

If you would like to chat about any of the above in more detail then feel free to give me a call on 01925 235 338 or drop me and email on manoj@hamletwarrington.co.uk better still if you are in the area then feel free to pop into my office for a chat, we are based on 6 Bankside, Crosfield street, Warrington, WA1 1UP. The kettle is always on and there is plenty of free parking outside our offices.