Monks Road, Lincoln, LN2

- PROPERTY TYPE
House of Multiple Occupation
- BEDROOMS
5
- BATHROOMS
1
- SIZE
1,076 sq ft
100 sq m
- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- Fantastic Investment Opportunity
- 5 Bedroom, 1 Bathroom, 1 WC Student HMO
- Central Location Within Walking Distance of Lincoln University
- 2024-2025 Rent: £1,386.65 / Full Occupancy Rent: £1,733.32
- 2024-2025 Gross Yield: 8.5% / Full Occupancy Yield: 10.7%
- 2024-2025 ROI: 7.4% / Full Occupancy ROI: 12.8%
Description
Based on 75% LTV with a 5% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow for 2024 / 2025 is £465.28 per month and ROI is 7.4%. However, this is with only four of the five rooms let, once fully occupied the property will perform much better with cashflow of £733.95 and ROI of 12.8%.
Boasting 100m2 / 1,076ft2 of internal living space. The large windows throughout ensure an abundance of natural light, creating a warm and welcoming atmosphere in every room.
Upon entrance to the ground floor of this delightful property, you are immediately welcomed into a bright and inviting entrance hallway, which sets the tone for the warmth and charm found throughout the home. The spacious communal living area offers a perfect blend of comfort and functionality, with ample room to relax or entertain. Furniture and furnishings are included in the sale and the lounge also benefits from a wall mounted TV.
The fully equipped kitchen, situated to the rear of the property, comes complete with modern appliances including electric fan oven, electric ceramic hob, extraction hood, washing machine, fridge freezer and additional under counter fridge. It also offers a substantial amount of storage and countertop space, making it the perfect hub for communal cooking.
There is a UPVC double glazed back door in the rear of the hallway providing access to the garden. A convenient storage cupboard tucked under the stairs offers practical storage space, perfect for keeping everyday items neatly stowed away.
Also on the ground floor, lies the first of the five generously sized bedrooms, a peaceful retreat with plenty of space for a large bed, wardrobe, study area and personal touches.
To the first floor of the property lies four further double bedrooms each furnished with students in mind. The modern bathroom with shower over bath, is located on this floor while there is a separate WC on the ground floor providing convenience and practical living for all residents.
The property is fitted with an 'Ideal" gas combi-boiler and is predominantly double glazed including the back door.
Externally the property extends to some 0.037 of an acre, including an attractive forecourt which is bounded by low brick wall with wrought iron railings and gate, and a good sized enclosed rear yard with two outhouses all of which is low maintenance and ideal for rental.
Located just a stone's throw from the University of Lincoln and only a short stroll from the bustling city centre, this property is ideally positioned for those who wish to enjoy all that Lincoln has to offer. The city's vibrant mix of shops, cafes, restaurants, and cultural landmarks, including the iconic Lincoln Castle and the majestic Lincoln Cathedral, are all within easy reach. Excellent public transport links provide quick and easy access to the wider area, making it a perfect base for commuters and city dwellers alike.
This property presents a solid investment opportunity with significant potential for long term cashflow and returns. Its central location, spacious and well-proportioned accommodation, and proximity to key local amenities make it a highly desirable choice for tenants.
The current owner holds an HMO licence for the property and has confirmed that the property met with all of the conditions of the licence. Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person not the property - a new licence is required upon transfer of ownership.
The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMO's without planning permission, due to the cap on new supply the demand for these properties has gone up significantly and as such the values are strong. This property was converted prior to the implementation of the A4 and the seller can provide supporting evidence.
To receive a copy of the comprehensive brochure please register on our buyers database - visit our website to complete the buyers registration form.
Buyers premium of 3% + VAT - payable in two parts:
- A non-refundable reservation fee of £1,500 plus VAT or 25% + VAT (whichever is higher)
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)
- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
- Ask agent
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- On street
- GARDENA property has access to an outdoor space, which could be private or shared.
- Rear garden
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
- Ask agent
Monks Road, Lincoln, LN2
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Visit our security centre to find out moreDisclaimer - Property reference L1527. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Realm 47, Hull. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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