Auction purchase of a 3-bed terrace for £116,000. Full back-to-brick conversion into a 4-bed, 2-bathroom HMO, delivered to approved HMO standards. Floor plan reconfigured to meet minimum room sizes, with a full rewire, new central heating, new bathrooms, new kitchen, and all appliances. Total renovation and lease-preparation costs: £60,000. Property was leased to a housing association on a 5-year lease at £130 per room per week. Purchased May 2025, works completed August 2025, leased and handed over 1st September 2025.