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The property
House refurbished in 2022 for house sharing, fully furnished and equipped, new condensing boiler (November 2025). Sold vacant, ready to be re-let after a €5,000 refresh.
Noisy-le-Sec, quiet residential neighbourhood. RER E station nearby (Pantin in 4 minutes, Paris in a few minutes) and tramway T1.
DPE (energy rating)
D (149 kWh/m²/year), rating C achievable with the new boiler
Asbestos
No material identified (29/11/2024)
Lead
Negative report (29/11/2024)
Gas
No anomalies (29/11/2024)
Electricity
Five anomalies to correct, costed in the works
Drainage
Mains drainage, compliant connection
Single ownership: no co-ownership charges or meetings
6 furnished bedrooms and 3 shower rooms
100% occupancy in 2025
Positive cash flow with a 20% contribution
42 m² living room-conservatory and garden
New condensing boiler (2025)
170.7 m²
Surface area
Ground floor, first floor and attic
Floor
1900
Year
7 rooms
Rooms
Rating improvement D → D after renovation
kWh/m²/year · Energy performance certificate (DPE)
Covesta Investment
Sourcing team · Property analysis
“This property offers excellent value for its location. Its layout and setting make it an ideal candidate for high-demand furnished letting.”
Works
Amounts and breakdown are indicative: a Covesta estimate, refined once final quotes are in.
€5,000
Estimated total budget
Estimated duration: 2 weeks
Coordinated by Covesta · RGE-certified tradespeople · Weekly site monitoring
DPE D → D after renovation
| Item | Amount |
|---|---|
| Electrical safety upgrade | €1,546 |
| Painting and touch-ups | €2,091 |
| Garden and exteriors | €454 |
| Minor repairs and seals | €454 |
| Contingency provision | €454 |
| Total works | €5,000 |
Covesta Works
Works team · Renovation management
“This renovation plan is designed to maximise the energy-rating improvement while keeping the budget under control. Each item is optimised for eligibility for state grants.”
Co-ownership
Single ownership: no co-ownership charges or meetings
2026 property tax: €3,674, including €540 of recoverable household waste charges
Covesta Management
Management team · Co-ownership
“A well-run co-ownership is a key indicator of the long-term soundness of your investment. We systematically check the general meeting minutes, the accounts and the state of the works reserve fund.”
Finances
€588,200
Total invest.
all included
9.14%
Gross yield
rent / price
7.86%
Net yield
without loan
+€739
CF / month
with loan
46.2%
R.O.I.
on invested capital
+€980,680
Resale gain
20-year horizon
Indicative estimate
Gross annual rent: €53,784
Vacancy impact
Borrowed: €529,380
Total monthly payment
€3,114/month
240 instalments · total cost: €747,360
Monthly CF
+€739
after all charges
Appreciation +2%/year · agency fees 5%
20-year projection · rents + appreciation
€802,412
Resale value
+€277,209
Cumulative rents
+€262,412
Gross capital gain
+€980,680
Total net gain
20-year summary
Comparison of a leveraged purchase with a cash purchase, taking into account rent growth, charges inflation and the actual amortisation of the loan.
Total capital invested
€58,820
Contribution (€58,820) + cumulative effort (€0)
Final wealth
€1,039,500
Sale cash (€762,291) + positive CF (€277,209)
Net gain at 20 years
+€980,680
Final wealth − capital invested
Annualised ROI
15.44%
Total ROI: 1667% over 20 years
How borrowing amplifies your return on equity.
Leverage
×2.72
With loan (current scenario)
Cash purchase (no loan)
