Edward Mellor are marketing a property on Green Lane in Hazel Grove via Auction, guide price of £130,000. Click here to see the Rightmove link.
The property is broken down as two one bedroom flats and is in need of extensive renovation works throughout. However this provides opportunity to increase your property portfolio with two renovated flats, or convert the building back into a cottage and flip. There is certainly scope for both.
Should you follow the route of keeping the set up of the two one bedroom flats, once renovated I would expect rental returns of circa £700 per flat. This results in annual rental income of £16,800 per annum for both properties.
From looking at the property advert this is clearly a lot of work to be done in order to return the properties to a suitable state for the rental market. However taking into account these costs and the initial purchase price, you would be looking at around a 8% return on your investment.
Should this be of interest, give Edward Mellor a call on the advert above. Give me a call on 07384 810 881 to discuss this further and the BTL market in Stockport in further detail.