Original Rental Yield: €2,400 (total over 4 years)
Current Annual Rental Yield: €16,200.
This portfolio consists of 3 two bedroom terraced properties which were originally built as holiday homes. Only one of the houses had been let for a short period over the previous four years. As the properties had been vacant they had not been maintained, were in poor condition and did not comply with fire safety regulations.
Able Property Services carried out an analysis of the rental market in Riverchapel and Gorey and the properties were inspected. While structurally sound, all three properties needed updating and a list of requirements for each, including interior/exterior painting, replacement furniture, white goods and accessories, was drawn up and a budget agreed with the landlord. Able Property engaged experienced tradesman to carry out the painting and repairs and supervised this work while they sourced furniture and accessories to complete the make-overs. Following which, we then sourced and delivered various furniture and accessories. Viewings were arranged following completion of work on one of the houses, which was let immediately. The other two houses were let with one week to excellent and long terms tenants.