OFF MARKET: Buy to let opportunity or HMO conversion opportunity - Orchis Way, Romford, Essex, RM3
The property is a 3 bedroom terraced house in a highly sought after area where demand is high due to good local transport links into London. Property owned by the vendor since October 2015 and it has been consistently let via a local letting agent in the area.
Currently receives a net rental income of £1450 per calendar month after agent fees, however as this rate has remained unchanged and unchallenged since 2017, a higher yield could now easily be achievable for any prospective buyer when compared with rental rates that other similar properties achieve in the area.
The vendors motive for sale is entirely of a personal nature rather than any reflection on the property itself. There have been no issues during the time he has owned it other than routine maintenance (electrics, appliances, refurbishment etc.), the income has been consistent, and in that regard it has been, and continues to be, a stable investment.
It is also worth noting that this property has always been let as a private residence, and if it were to be converted to a HMO, the yield could potentially be increased further. This however, would be subject to any prospective buyer arranging HMO licencing and planning permission with the local authority as the property does not currently hold either (a HMO licence was in place but was voluntarily revoked by the vendor due to not being needed as he had already decided to sell, indicating that HMO conversion could be a possibility if explored further with the council).
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