What is a Sourced Approved Investment?
These properties have been carefully sourced and packaged by experienced property investment specialists and trusted Sourced Partners.
- Pre-vetted for investment potential
- Due diligence carried out
- Tailored for investor goals
- Backed by Sourced's expertise and network
Key financials
Profit pa£5,580
ROCE22%
Yield7%
Purchase £ £10,700
Property description
Strategy: Buy to Let
Fully managed BTL apartment *TENANT IN SITU*
This beautiful converted apartment in the heart of a sought-after neighbourhood offers a charming 1-bedroom property and boasts exposed bricks and beams a spacious living room with large windows offering plenty of natural light, a fully equipped kitchen, and a modern bathroom. The bedroom is bright with large windows. The apartment is offered unfurnished, allowing you to furnish and personalise to your own taste. Situated in a prime location, you'll have easy access to the trendy shops, cafes, and restaurants. This picturesque Manchester property is perfect for a professional or couple looking to immerse themselves in the vibrant city centre lifestyle. Don't miss the opportunity to make this charming apartment your new home.
Key property details:
- 1 bed apartment
- Lease 980 years
- 70.6 sqm
- EPC C
- Council tax band D
- Vacant possession
- No chain
Key financials example bridging loan purchase and refinance:
▪ Total investment £25,300
▪ Purchase price: £160,000
▪ Legals: £2,000
▪ Stamp duty: £8,700
▪ Sourcing fee: £4,000+vat
▪ Refurb costs: £0
▪ GDV: £210,000
▪ Gross monthly rent: £1250
▪ Gross annual rent: £15,000
▪ Refinance BTL mortgage 2yr fixed LTV 80% interest 4.5%:
▪ Mortgage: £168,000
▪ Money left in: £25,300
▪ Deductions: Mortgage £630, Letting agent £125, Insurance £30
▪ Monthly profit after deductions: £465
▪ Annual profit: £5,580
▪ Gross yield: 7%
▪ ROCE: 22%
Net rent mortgage coverage 174%
▪ Profit projection in 6 years capital growth 5% PCA = £35,199.31
▪ Profit projection in 6 years net rental growth 2% PCA = £71,420.08
▪ Total profit projection over 6 years = £106,619.39
▪ ROCE: 421%
With Sourced you get the full property wealth building package in one place;
Sourced Enterprise - Full limited company SPV and accounting solution
Sourced Finance - Specialist lending not available on the high street
Sourced Living - Fully compliant lettings management service
Legal Conveyancing team available if required.
Highly skilled renovation team ready to go!
Contact: michael.parry@sourced.co
Sourced reference: 479114762445785
Due diligence
No information supplied.
Location
Disclaimer
Sourced endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and are not to be relied as statements of representation or fact. The selling agent may or may not be the sole agent and will provide confirmation upon request. Any services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency given. All measurements have been taken as a guide and are not precise, please be aware some of the details may be waiting vendor approval. If you require confirmation or further information, please contact the selling agent. Fixtures and fittings are to be confirmed with the seller and not relied upon when listed. Sourced are not responsible for any loss of monies due to the purchase or purchase process with any property listed.
Key financials
Profit pa£5,580
ROCE22%
Yield7%
Purchase £ £10,700
Sales Agent
Michael Parry
SILKSTONE ESTATES LIMITED
Smart support to move your deal forward
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What is a Sourced Approved Investment?
These properties have been carefully sourced and packaged by experienced property investment specialists and trusted Sourced Partners.
- Pre-vetted for investment potential
- Due diligence carried out
- Tailored for investor goals
- Backed by Sourced's expertise and network