This 16-bedroom former guest house on Gillingham Rd, Gillingham, came on the market on Wednesday (May 24) and it is an ideal HMO investment opportunity.
It is being advertised for offers over £800,000, which is of course a high price – but there is profit to be made here.
This sizeable property has lots of potential, but it would be a big project to take on.
Rents in Gillingham range from £400-£550 for double rooms, so this property could produce a monthly cashflow between £6,400 to £8,800+ (on 16 bedrooms, even more could be achieved).
It would require necessary planning permission, and any purchaser would have to factor the cost of waiting for that planning alongside professional fees. The property requires substantial refurbishment, but it could be a very profitable venture for someone willing to take the work on.
A commercial revaluation could be possible at the end of the project, allowing the investor to draw out initial money put in.
If you need any advice on property investing, refurbishment or lettings, please feel free to call me on 07944 726676 or email me at firstname.lastname@example.org.