It's currently let as a 5 bed until this summer, but I think there's potential for a conversion to a 6 bed over the summer, with a September start for next year's tenants.
Woodhouse, as I've said previously in this blog, is becoming more popular as the trend is definately for students to live as close to the centre of Leeds as possible, where they not only go to Uni but also socialise nowadays. This combined with a crack down by the police to reduce crime has made the area more popular than ever. And for the students it still represents value for money as rents, whilst creeping up, are still 10% cheaper than central Headingley or Hyde Park.
Anyway back to the house on Lucas Street. You'll need to put another bedroom in the basement, get rid of the separate bathroom and install a Jack and Jill bathroom between the two bedrooms. The kitchen is a bit pokey at the moment, so I would convert that into a utility room and turn the dining room into the main kitchen.
On the first floor, you'll need to pinch a bit of the bathroom back into the single room which shouldn't be a problem as it's quite big. On the top floor, you can either leave as is, or install another Jack and Jill to make three bathrooms in total.
The house is generally in pretty good condition so a quick redecorate throughout, and replace the carpets and I think that's all it needs. Shouldn't cost above £25,000 for the lot, so with costs of purchase, lets say £200,000 all in. You should get a minimum of £79 per person per week, so that's £24,648 per annum and a cracking 12% yield!
But remember, you've a little under 6 weeks to try and complete before the dreaded stamp duty rise at the beginning of April, but even with the extra £5,400 if you miss it, it's still a fantastic investment.
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