116 William Street, Grays, Essex

Description

A freehold 10 bedroom licensed HMO situated within access to Grays town centre and train station. The property currently has 9 of the rooms occupied and is producing a potential annual income of approximately £72,200. There are four communal shower rooms and four toilets along with a kitchen/dining room. It is considered that the rooms are let below market value.

Accommodation

Ground Floor: Hallway; Bedsit 1 - 13'4 x 8'2 - including wash hand basin; Bedsit 2 - 13'4 x 8'2 - including wash hand basin; Bedsit 3 - 12'6 x 10'1 - including wash hand basin; Bedsit 4 - 13'1 x 8'5 - including wash hand basin; Rear Annex - 16'7 x 5'4 - including wash hand basin and WC; Rear Annex - 16'7 x 5'4 - including wash hand basin and WC; Kitchen/Dining Area; Inner Hallway; Two separate WC's; Two Shower Cubicles; Storage. First Floor: First Floor Landing; Bedsit 5 - 13'3 x 8'2 - including wash hand basin; Bedsit 6 - 13'3 x 11'0 - including wash hand basin; Bedsit 7 - 12'7 x 13'4 - including wash hand basin; WC/Shower Room; WC/Shower Room. Second Floor: Second Floor Landing; Bedsit 8 - 13'3 x 8'2 - including wash hand basin; Bedsit 9 - 13'3 x 11'0 - including wash hand basin; Bedsit 10 - 12'7 x 13'4 - including wash hand basin.

Location

Situated within access to Grays town centre and train station.

Tenure / Property Information

Investment Analysis

The £650,000 guide equates to approximately 9.0–9.3 times the stated potential annual income. Sold comparables on William Street (£272,500–£310,000) are conventional terraced houses and are not sufficiently comparable to establish an HMO GDV. No HMO valuation, operating-cost evidence or formal market-rent evidence is supplied.

Investment Snapshot

Strategy Recommendation

Potential income-led BTL acquisition, subject to verifying the nine occupancies, rent schedule, October 2026 increase, HMO licence and full operating costs. Do not bid without a supported HMO valuation and complete fee information.

Works Required

No refurbishment works are evidenced. The stated rent increase to £145 per week from October 2026 should be verified, together with occupancy, licensing and property condition.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because no refurbishment budget, HMO operating costs, valuation or refinance terms are supplied. The stated income may support an attractive headline yield, but cash extraction cannot be calculated.

Buy-to-Let Analysis

At the £650,000 guide, the stated potential income indicates approximately 11.1% gross yield at £72,200 annually, rising to approximately 11.6% at £75,400. This is before operating costs, voids, management, utilities, maintenance, finance and fees. The income is an auctioneer/property estimate rather than independently verified passing rent.

Flip Analysis

A flip analysis is unsupported. No GDV, refurbishment cost, selling costs or comparable HMO evidence is provided; the available conventional terraced-house sales are not directly comparable.

Investor Risks & Due Diligence

• Only 9 of 10 rooms are occupied, leaving one stated vacancy.

• The £72,200 and £75,400 figures are potential income estimates, not independently verified passing rent.

• The proposed rent increase from October 2026 may not be achieved.

• Operating costs, voids, management, utilities, maintenance and finance costs are not supplied.

• Buyer and other auction fees are unspecified despite the guide being stated as plus fees.

• Available sold comparables are conventional terraced houses and may not reflect HMO value.

Recommendation

Potential income-led BTL acquisition, subject to verifying the nine occupancies, rent schedule, October 2026 increase, HMO licence and full operating costs. Do not bid without a supported HMO valuation and complete fee information.

Strategy Rating

Analysis Confidence

Occupancy, tenure, stated income and local conventional sales are supplied, but there is no specific HMO rental evidence, operating-cost data, condition report, buyer-fee detail or HMO valuation evidence.