Folkestone Street, Hull, HU5

An exciting opportunity to acquire a longstanding HMO which has been recently renovated to a high standard. The three-bedroom, one-bathroom house is located in a prime residential location just off Beverley Road and is positioned just to the South of two of the other most popular streets - Clough Road and Cottingham Road.

Based on 75% LTV with a 5% interest rate and taking buying costs into account (including the buyer's fee) the projected cashflow of over £440 per month and ROI of 13.3% present a healthy and appealing investment proposition.

We believe these properties works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.

The property's spacious and versatile accommodation will appeal to any demographic of tenant but it has historically been let to students and has been designed with students in mind. The house is fully double-glazed, including the front and back door, and is heated by a gas combi-boiler.

On the ground floor, the shared accommodation includes a bright and inviting entrance hall and a spacious living room decorated in neutral tones with a grey feature wall, exposed brick wall, and dark flooring which complements the decor. The rear of the living room leads onto the modern refitted kitchen with appliances and wood effect worktops. There is an understairs laundry cupboard which houses the washing machine.

There is access to a private rear courtyard from the kitchen. The courtyard is hard standing which is low maintenance and provides an ideal entertaining space for tenants.

On the first floor, there are three well-proportioned bedrooms. The decor in the bedrooms is neutral throughout and each room benefits from exposed brick feature walls. There is also a modern spacious recently refitted shower room.

Externally the plot is approximately in 0.02 acres in total.

The property is well located with Princes Avenue, Newland Avenue, and Beverley Road on the doorstep.

These roads offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Lloyds Bank, Tesco, Sainsburys, and a post office.

The property is also within walking distance of the University of Hull, the excellent location means that the property has versatility allowing it to be easily switched between student and working tenants dependent on market demand and owner preference.

The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMO's without planning permission, due to the cap on new supply the demand for these properties has gone up significantly, and as such the values are strong. This property was converted prior to the implementation of the A4 and the seller can provide supporting evidence.

As the HMO has under 5 occupants no HMO Licence is required at present. Being an HMO the property has been installed with a Grade D - mains interlinked fire detection system with battery backup. Thumb turn locks on exit doors and amenity standards sufficient for the number of occupiers.

Buyers premium of £4,000 + VAT is payable in two parts:
- A non-refundable reservation fee of 25% plus VAT or £1,500 plus VAT (whichever is greater)
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)