This has to be the biggest project we have ever under taken for social housing. The condition of the property had to be one of the worst. We got a structural engineer to guide us through along with the building regs team. This property will take us close to 3 and a half months to complete. However it will be worth it. It will return net rents of 23,400 a year. There will be no voids, no management and all maintenance other than structural. If we decide to sell this property we should net close to 100k in less than a year. A more prudent approach might simply be to hold this and collect the rents. It is on a 7 plus 3 year Home office backed contract. So in 10 years the property will generate 234,000 without even council tax or any expenses other than yearly insurance. We find these the best deals to do as the ROI is extremely high, no dealing with tenants, no late pays….It simply cash flows and goes to bed. The hard part is doing all these works and having them pass all the inspections.
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