Case study: transforming an old apartment into a flat share buy-to-let

Julia and Ed's rental investment

4-Bed | Performance | Marseille, South Of France

Alone we invest faster, together we invest better. Is that the right expression? It is in any case the philosophy adopted by Julia and her husband Ed. They have pooled their borrowing capacity to carry out their operation. The advantage of a common borrowing capacity is that the most interesting returns to think about self-financing (and more) generally start around 300 000 €. Smart.

240K€ | Selling price

5,160 € | Work budget

5,7 % | Net return

The project

4-Bed | 98 m² 

The neighbourhood:
Culture | Students | Transportation

In terms of location, it’s hard to beat it: our hunter found a central property between Cours Belsunce and La Canebière, a few minutes’ walk from the Old Port.


If the common parts were renovated before being put on sale, the apartment retains the charm of the old: parquet floors, large windows, high ceilings and beautiful volumes.


Recently renovated does not mean completely renovated. As is often the case with this type of property, the renovation team is called upon to intervene to bring the apartment up to the expected standard. Few major works are to be expected and the possibility of a quick market launch.

The Renovation

16,795 € of work | 10,920 € of furniture

To create a functional homeshare, the most important thing is to have a sufficient number of bathrooms to ensure the comfort of the inhabitants. There’s no point in having four bedrooms for one shower and one toilet, at the risk of the apartment living to the rhythm of “it’s busy!”

This was done with the exploitation of a wasted space that was previously used as a shed and now houses a bathroom for two bedrooms. Once the work is done, it’s the decorating team that takes over to give the apartment some life and warmth with their secret weapon: the new in-house designs.

And because we are nice, we even left some material to the tenants: a ladder and a drill forgotten after the building site. Neither seen nor known, we still came to recover them.

Selling price including vendor’s agent fees
240 000 €
Renovation work
5 160 €
10 920 €
Notary fees/Stamp duty
18 515 €
Investor’s fees
11 500 €
Bank fees
3 477 €

Personal deposit 30 000 € Loan mortgage term 20 years old Interest rates 1,4 %

Annual rent excluding charges
22 080 €
Rental expenses
1 440 €
Annual occupancy rate
11.5 months

Co-ownership expenses
1 600 €
Property taxes
1 100 €
PNO Insurance
318 €
Rental management
2 105 €
Loan annuity
– 15 555 €
Annual revenues
22 540 €
Annual expenses
5 122 €
Annual cash surplus
+1 862 €

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