Project Columbia Terrace
Details
Project Columbia Terrace is a 2 bed to a 4 bed conversion. When this property first got revalued, it got down valued at £117,000 which is £18,000 less than what I know it’s worth.
The Numbers
- Purchase price £63,000
- Refurb, Bridging & Broker Fee £32,403.93
- Rent £850 pcm
- Cashflow £343 pcm
- New value £135,000
I knew that it was worth more so I went with a different surveyor who valued the property exactly what I know it’s worth at £135,000. If I had accepted the first valuation, I would have left around £16,500 in the deal, given me an ROI of 30%, which isn’t too bad.
However, with the right valuation, I will only be leaving £4,325.93 giving me an ROI of 95%. I will have all of my money back from this deal within one year. This property was on the market for quite some time before I came across it. I just saw something in the property that others missed, and I know my investment area very well.
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