Case Study: £85k Belfast Terrace Buy-to-Let — Before and After

This case study walks through a real NI Property Girl deal from start to finish — a 3-bed mid-terrace in north Belfast purchased at £85,000, refurbished and let. It illustrates what the numbers look like in practice, how decisions were made at each stage, and the actual return delivered to the investor.

The property

Location: North Belfast
Property type: 3-bedroom mid-terrace
Purchase price: £85,000
Condition at purchase: Tired throughout — dated kitchen and bathroom, worn flooring, outdated decoration. Structurally sound.

Why we sourced this deal

The property was identified through our estate agent network before it reached the open market. The asking price was £92,000. Our due diligence showed comparable sales at £88,000–£96,000 for similar condition properties and rental evidence of £650–£700/month for refurbished equivalents in the area.

We negotiated the purchase price to £85,000, citing the refurbishment required and our ability to proceed quickly without mortgage delays (investor purchased with cash).

The refurbishment

Scope of works:

Full kitchen replacement — new units, worktop, integrated oven and hob: £3,800
Bathroom replacement — new suite, tiling, towel rail: £2,400
LVT flooring throughout ground floor: £1,200
New carpet to bedrooms and stairs: £800
Full redecoration throughout: £1,600
New boiler: £2,200
Minor electrical work (new consumer unit, additional sockets): £900
External — new front door, tidying: £600

Total refurbishment cost: £13,500 (within the £14,000 budget — 3.7% under).

Time from completion to tenant-ready: 6 weeks. Related: Renovating for ROI — what adds real value.

The letting

The property was marketed through Owl & Ash Lettings immediately upon completion of works. We received 4 viewing enquiries within 48 hours and had a qualified application within 5 days. Tenant references cleared. Tenancy commenced 8 days after marketing.

Monthly rent achieved: £695 — at the top of the comparable range for the area.

The numbers

Purchase price	£85,000
Stamp Duty (additional dwelling)	£2,550
Solicitor and searches	£1,100
Survey	£450
Refurbishment	£13,500
Total all-in cost	£102,600

Annual rent	£8,340 (£695 × 12)
Management fee (10%)	−£834
Insurance	−£280
Maintenance budget	−£850
Annual net income	£6,376

Gross yield on all-in cost: 8.1%
Net yield on all-in cost: 6.2%

Post-refurbishment valuation: £115,000 — a paper uplift of £12,400 above all-in cost on day one. See: How to calculate ROI like a professional investor.

What this deal demonstrates

A straightforward, well-executed buy-to-let purchase in Northern Ireland — nothing exotic — delivers a 6.2% net yield with an immediate uplift in equity. The investor bought the deal for capital appreciation and income. Both are on track.

The key factors: purchasing below comparable value, executing a clean and focused refurbishment (not overspending), and letting quickly to a qualified tenant. All of which come down to using the right team on the ground.

Frequently asked questions

What return did NI Property Girl achieve on the £85k Belfast terrace?

The property delivered a gross yield of 8.1% and net yield of 6.2% on total all-in cost of £102,600. Post-refurbishment valuation of £115,000 represents an immediate equity uplift of £12,400 above the total invested.

How long did the Belfast terrace refurbishment take?

6 weeks from completion of purchase to tenant-ready. The property was let within 8 days of being marketed, meaning total time from completion to first rent payment was under 8 weeks.

How much did the refurbishment cost on the Belfast case study property?

£13,500 all-in — covering kitchen, bathroom, flooring, decoration, boiler and minor electrical work. The project came in 3.7% under the budgeted £14,000, with no significant unexpected costs.