117 Napier Street, Nelson, Lancashire

Description

Not yet inspected by Auction House, however understood to be a tenanted two bed mid terrace house. The accommodation is understood to comprise of a living room, kitchen/diner, two bedrooms and a bathroom. Property is 80m² (as taken from EPC). Externally, there is a yard to the front and rear of the property. We have been informed that the property is currently let at £498pcm / £5,976pa – please see legal pack for agreement.

Accommodation

Living room, kitchen/diner, two bedrooms and a bathroom. Property is 80m² as taken from EPC.

Location

117 Napier Street, Nelson, Lancashire.

Tenure / Property Information

Investment Analysis

Land Registry comparables on Napier Street range from £32,000 to £85,000, with the two most recent sales at £55,000 and £70,000. Because bedroom count, condition and transaction circumstances are not supplied, a cautious evidence-based scenario is £50,000 low, £55,000 base and £70,000 high. The £61,000 guide is above the base comparable indication before fees and any works.

Investment Snapshot

Strategy Recommendation

Consider only as a cautious income investment if the tenancy, rent, lease and legal pack are satisfactory. The guide appears high against the base comparable evidence, so proceed only at a materially lower price or with strong verified tenancy fundamentals.

Works Required

The property has not been inspected and no specific defects or works are evidenced. Obtain a survey and legal-pack information before allowing for refurbishment, compliance works or tenancy-related works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £55,000 base GDV scenario, a 75% refinance is approximately £41,250. Total project cost cannot be established because refurbishment, legal-pack disbursements and other purchase costs are unknown. On the base GDV, refinancing would not recover the £61,000 guide price alone, before fees or works.

Buy-to-Let Analysis

The reported passing rent is £498 pcm (£5,976 pa), giving approximately 9.80% gross yield on the £61,000 guide before fees, finance, maintenance, voids and management. The £695 pcm figure is an advertised asking rent rather than achieved rent, while the £304 pcm evidence is from Briercliffe and is not directly comparable. Confirm the tenancy, rent payment history and legal position before bidding.

Flip Analysis

A flip is not supported on the available evidence. The £61,000 guide already exceeds the £55,000 base comparable indication, and the property is tenanted. Refurbishment costs, selling costs and legal-pack costs are unknown, so a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Guide price exceeds the £55,000 base comparable indication before fees.

• Property condition has not been inspected and refurbishment costs are unknown.

• Tenancy agreement, rent payment history and tenant status require legal-pack verification.

• Leasehold ground rent and other lease terms are not supplied.

• Buyer administration charge is £1,677.50 at the £61,000 guide, with further possible fees and disbursements unknown.

• Rental evidence includes asking rents rather than achieved rents, and one comparison is from Briercliffe rather than Nelson.

Recommendation

Consider only as a cautious income investment if the tenancy, rent, lease and legal pack are satisfactory. The guide appears high against the base comparable evidence, so proceed only at a materially lower price or with strong verified tenancy fundamentals.

Strategy Rating

Analysis Confidence

There is useful same-street sold-price and rent evidence, but the property is uninspected, comparable property details are limited, the tenancy and legal pack are unavailable, and refurbishment and additional costs are unquantified.