10 Falmouth Road, Chelmsford, Essex, CM1 6HY

Description

A Vacant Three Bedroom Semi Detached House in Need of Modernisation. The property comprises a three bedroom semi detached house arranged over ground and first floors.

Accommodation

Ground Floor: Reception Room; Kitchen/Diner. First Floor: Three Bedrooms; Bathroom; Separate WC.

Location

The property is situated on a residential road close to local shops and amenities. Numerous green open spaces are within easy reach. Transport links are provided by Chelmsford rail station.

Tenure / Property Information

Investment Analysis

The strongest comparable is 12 Falmouth Road, a semi-detached freehold house sold for £262,000 in September 2023. A further same-road sale achieved £280,000 in January 2019, but is older evidence. These sales support a base GDV of £262,000 and an evidence-supported upper scenario of £280,000. No floor areas, internal condition details or comparable specifications are supplied, so the valuation remains indicative.

Investment Snapshot

Strategy Recommendation

Conditional BTL/BRRR subject to a full inspection, quantified modernisation budget, EPC-related assessment and legal-pack review. Do not set a maximum bid without those costs and the purchaser's disbursements being confirmed.

Works Required

Modernisation is required, but the supplied evidence does not identify specific defects or quantify works. Any programme should be confirmed by inspection and may include updating the accommodation and addressing the current F EPC rating, subject to survey and legal-pack review.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR structure is indicated by the vacant freehold ownership, modernisation requirement and supported refinance value of £196,500 at 75% of the £262,000 base GDV. However, refurbishment cost, acquisition disbursements and total project cost are unavailable, so cash left in, equity and refinance viability cannot be calculated. The F EPC and unspecified modernisation requirements require particular diligence.

Buy-to-Let Analysis

Advertised asking-rent evidence ranges from £1,550 to £1,575 pcm, with the £1,575 pcm evidence specifically for Chelmsford. At £1,575 pcm, annual advertised rent is £18,900 and the gross yield on the £160,000 guide is approximately 11.81%, before refurbishment, finance, management, voids, maintenance, tax and other costs. This is not an achieved rent and the total-cost yield cannot be established because refurbishment costs and disbursements are unknown.

Flip Analysis

The base GDV is estimated at £262,000, with a higher evidence-supported scenario of £280,000. A flip surplus cannot be calculated because works costs and selling costs are not supplied. The apparent guide-to-GDV spread should not be relied upon until condition, legal-pack costs and the achievable resale value are verified.

Investor Risks & Due Diligence

• Current EPC rating F may require improvement and associated expenditure.

• The property is described as needing modernisation, but the extent and cost of works are unknown.

• Rental figures are advertised asking rents rather than achieved or passing rents.

• GDV evidence is limited and comparable property condition, size and specification are not supplied.

• Disbursements and other purchaser costs may become payable under the legal pack.

• No reliable maximum bid or total project cost can be calculated without refurbishment and transaction-cost information.

Recommendation

Conditional BTL/BRRR subject to a full inspection, quantified modernisation budget, EPC-related assessment and legal-pack review. Do not set a maximum bid without those costs and the purchaser's disbursements being confirmed.

Strategy Rating

Analysis Confidence

There is a recent same-road completed sale, a higher older comparable and local advertised rent evidence, but no floor area, detailed condition schedule, refurbishment budget, achieved rent, buyer premium or quantified disbursements.