Penelope Road, Salford
Penelope Road was a ready made and income producing 7 bedroom HMO we sourced on for the owner. The large Edwardian property was in an article 4 area and therefore held a licence, a desirable quality to have and was in great condition as well as providing excellent transport links into the Salford and the city centre.
• Salford Royal Hospital = 1.1 mile
• Salford Shopping Centre = 1.4 miles
• Media City = 2.1 miles
• Lowry Centre = 3.3 miles
• Trafford Centre = 4.1 miles
• Manchester City Centre = 4.2 miles
The property had potential to convert the loft room and the basement into two additional bedrooms subject to planning permission.
Below is a testimonial received from the owner of this property:
"Martin Webb of Elliot James Property worked for me as an agent in the sale of a house in Salford during the summer of 2018.
In all my dealings with Martin, I found him to be a polite and diligent negotiator, always on top of the situation and great at communicating the small details.
I would happily work with Martin again and I am glad that I can call on him for advice in landlord and property matters. I was pleased to note also that one of the other landlords he worked for, who asked my advice about his portfolio, described Martin to me as “the most honest man I have ever met”, a rare epithet in these shark infested waters!"
0161 327 2789
Purchase Price £320,000
Total Investment £330,600
Total Capital £ 90,600
7 Rooms @ £442.14 pcm £3,095 pcm
Annual Rent £37,140
Mortgage Payment £800
Letting agent (10%) £309.50
Council Tax £148
Voids (10%) £309.50
Total Bills £2,068 (£24,816)
Cashflow pcm £1,027
Cashflow p.a. £12,324
Gross Yield 11.6%
Net Yield 3.9%
Net Return on Cost 3.3%