Another RentFlow Multi-Unit property transformed and fully rented.
Rentflow continues to expand its supply of rental accommodation in Dublin city centre. In just under 12 weeks we have successfully transformed another multi-unit property in Drumcondra which not only generates a consistent monthly income for investors but also provides stability and security for the tenants who now call it home.
Refurbished Multi-Unit Property in Dublin city centre
Even though this is one of the smallest properties in our portfolio, it was nevertheless a very exciting project to work on. The property is set out in 4 spacious apartments ( 1 x 3 bed, 2 x 1 beds & 1 x Studio ) following a full renovation which started in February 2023. Refurbished to a quality standard by the team at The Home Renovation Centre https://www.thehomerenovationcentre.ie, each unit is now finished to a quality standard to include bright accommodation with modern kitchens and shower rooms while still retaining many of the property's original style and character.
The property now comfortably accommodates 10 private tenants across all units resulting in an average rent of €833 per tenant per month. The tenants can avail of two car spaces to the front of the property. The property is fully compliant with planning, building and fire regulations following all the capex works recently undertaken in 2023.
All the units exceed the RTB guide to the minimum standards for rented properties as set out in Housing (Standards For Rented Houses) Regulations 2019. All tenants are RTB registered and are professionally managed by a PSRA regulated property manager.
Excellent Rental location in Dublin city centre
The property is located on Whitworth Road in Drumcondra, which is a very desirable neighborhood located in the northern part of Dublin. The neighborhood is served by several bus routes and the property is only a few minutes stroll to Drumcondra Train Station, providing easy access to other parts of Dublin and beyond. Drumcondra is known for its vibrant community, historic architecture, and proximity to popular attractions such as Croke Park and the National Botanic Gardens. It's also home to a variety of restaurants, cafes, and shops.
In recent years, Drumcondra has experienced significant development, with new residential and commercial properties being built. This has helped to increase the area's popularity among renters and buyers alike. Overall, Drumcondra is a desirable neighborhood with a lot to offer. Its convenient location, amenities, and access to transportation make it a great place to live, work, and visit in Dublin.
source: Google Maps 2023
12 Week Property Transformation
As the Dublin population continues to grow and as demand for investment in rented residential developments rises in the face of a shortage of available housing stock, the private rental sector continues to be one of the most resilient in the Irish market.
The demand for rental accommodation in Dublin is very high. Years of housing undersupply, coupled with an exodus of small landlords from the market, has led to a chronic shortage of supply of quality rental properties. Due to this shortage, there is a guaranteed rental demand for well located and correctly priced rental property.
When we took over the property it was very dated and not very attractive for our profile of tenants working in the tech industry or in local hospitals in the city centre. So by making significant upgrades to each apartment we have managed to provide tenants with quality rental accommodation again. The property was completely transformed over a 12 week renovation period.
At RentFlow we believe the following steps are crucial when improving a rental property:
1. Evaluate the property: Before starting any renovations, It was important for us to evaluate the property's condition and identify areas that need improvement. We needed to consider the age of the property, the condition of the roof, plumbing, electrical systems, and any structural issues that needed to be addressed, as well as what safety upgrades the property needed.
2. Set a budget: Before we start a transformation project, we determine our budget. This helps us to understand and prioritise our expenses and make sure we don't overspend. The budget include all costs, such as materials, labor, permits, and unexpected expenses etc.
3. Develop a plan: We created a plan that outlines the renovations we want or need to make and their timeline. This plan was shared with all parties involved with the project with their tasks listed. This helped us stay organised and ensure the project stayed on track, ensuring everyone involved was up to date.
4. Focus on functionality: When renovating a rental property, we focus on making it functional and easy to maintain. We look for elements that are long-lasting, save space, and provide lots of storage, making the accommodation more useful and liveable for our tenants.
5. Upgrade the interior:
The inside of a rental property can be improved to make it more appealing to potential tenants. Here are some of the renovation improvements we made:
Kitchen upgrades: The kitchen is often the heart of a home, and upgrading it can significantly increase the property's value and while improving the tenants rental experience at the property. We Installed new countertops, cabinets, we also supplied new appliances such as a oven and four-burner stove, a washing machine, a fridge/freezer, a microwave, and a kettle to give the kitchen a fresh, modern look.
Bathroom upgrades: Upgrading the bathroom can also increase the property's value and appeal to tenants. We replaced old fixtures and fittings, fitted new shower doors, and a bathroom heater where necessary.
Flooring upgrades: Replacing old or worn-out flooring can have a significant impact on a property's overall appearance. We installed new laminate flooring and tiles which are durable and easy to maintain.
Electrical upgrades: Upgrading electrical fixtures can improve the appearance and operation of a home. We installed new smart meters as well as new lights with energy-efficient bulbs, as well as new switches and sockets throughout.
Furnishing upgrades: Furnishing upgrades are another approach to increase a rental property's appeal and functionality. Each apartment received new 4ft bed and mattress, wardrobe bedside lockers, decorative shelves, bedding, table and chairs, and sofas.
Storage upgrades: Increasing storage space can make the property more functional and appealing to tenants. Storage cabinets where built into each apartment and we also provided bedside lockers and wardrobes in each unit.
6. Improve curb appeal: First impressions matter, so improving the property's curb appeal can make it more attractive to potential tenants. We refurbished the front door and power-washed the front drive, as well as cleaning all gutters and windows.
By following these steps, RentFlow transformed this rental property in Dublin in three months.
RentFlow - The Monthly Rental Income Company RentFlow was established to enable investors to earn monthly recurring rental income from a portfolio of city centre properties without any of the responsibilities of a landlord, including dealing with tenants, maintenance companies, or the Residential Tenancy Board (RTB).
There are a number of companies offering passive investments. What makes us different is that we offer monthly recurring rental income for passive investors. Most other investors would receive a dividend on a yearly or bi-annual basis. We set RentFlow up to pay investors every month, and they can see a return every month from their investment, similar to a landlord’s monthly net income.
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A: The Masonry Building, 151-156 Thomas St., Dublin 8, Ireland