Crossley Street, New Sharlston

12 month Buy to Let

£78,500 Raised
£78,500 Total
8 Investors
21.8% Projected Growth
0% Below Market Value
This extremely spacious three bedroomed mid terraced house, occupies a semi-rural position on the east side of Wakefield with open views to the front and rear, and offers excellent accommodation. 
It has gas fired central heating, UPVC double glazing, entrance hall leading through to lounge with feature fire place, large dining kitchen, rear entrance/utility room leading to a ground floor bathroom. To the first floor there are three good sized bedrooms. Outside, rear enclosed yard area with additional further garden area with off street parking. There is easy access to Normanton or Wakefield and its amenities, in addition to being close to the newly opened eastern relief road leading to Leeds and the M1/M62 network. 
The property is in need of modernisation including a completely new kitchen and bathroom, new flooring throughout, walls and ceilings to be skimmed and painted throughout, new doors and door frames, all woodwork to be repainted, new electrical re-wiring, new lights where required.   
There is a contingency fund of £1,500 which will be repaid to investors if it is not used.   
The estimated timescale for the work is 4-6 weeks, with a good finish in preparation to let the property for 12 months. The property will then be marketed for sale.

Purchase Costs

Purchase price£58,000
Acquisition costs£16,760
PTC listing fee£3,740
Total fundraise £78,500

Acquisition Costs

Stamp duty£1,740
Photography/floor plans£170
SPV set-up£150
Renovation (See Below 1)£11,200
Contingency fund£1,500
Total acquisition costs£16,760

Projected Sale Proceeds

Sale price (See Below 2)£100,000
Rental income£6,000
Cost of purchase(£78,500)
Management fees(£792)
Agent’s commission(£1,800)
Accountancy fee(£300)
Company tax (See Below 3)(£4,723)
Projected net gain on sale£20,135
15% profit share to PTC(£3,020)
Net profit to shareholders(£17,115)
1 year targeted net return on investment (ROI):21.8%

1 Renovation: new kitchen, bathroom, skimming walls/ceilings, painting walls/ceilings and woodwork, new flooring throughout, new curtains/blinds.

2Based on comparables in the area

3Company tax estimated at current rate of 19%

Historic house price rises are not a reliable indicator of future performance. The value of property can fall as well as rise. The rates of return quoted above are illustrative only and are not guaranteed.

If you have a question about this property, please click below and submit a question to us directly.

Log In to ask a question