118 Phyllis Street, Barry, Vale of Glamorgan, CF62 5UU

Description

Offered for sale is this two-bedroom mid terraced house benefiting from gas central heating via a combination boiler (not tested), double glazed UPVC fenestration and a good-sized rear garden. The property is ready for immediate occupation; however, it will also allow an incoming purchaser to modernise some elements if they so wish. In our opinion, there is also scope of repositioning the bathroom to the ground floor and therefore providing three bedrooms to the first floor.

Accommodation

Ground Floor: Hallway, lounge, dining room, kitchen, lobby, utility room, separate W.C. First Floor: Landing, two bedrooms, bathroom. Outside: Good sized garden to the rear with timber shed and pedestrian gate to rear lane.

Location

The house is located on the very popular Barry Island, backing onto parkland and having rear access from the rear garden. It is positioned within walking distance to numerous beaches, parks, funfair, bars and eateries. Excellent transport links are also provided to Cardiff City Centre and through the Vale of Glamorgan.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Phyllis Street range from £150,000 to £224,950, excluding the anomalous £622,000 sale for which no explanation or property detail is supplied. The £150,000 and £187,000–£190,000 evidence provides the most usable range, although bedroom count, condition, tenure and specification are not confirmed for the comparables. A cautious base GDV estimate is £187,000, with a supported low-to-high range of £150,000–£190,000. The £125,000 guide is materially below these comparable sale prices, but the subject's condition and legal position require verification.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a cautious buy-to-let or owner-occupier purchase if the legal pack and inspection confirm acceptable condition and tenure. Do not rely on the three-bedroom conversion or a flip profit without confirmed costs, planning/building-control advice and resale evidence.

Works Required

The property is described as ready for immediate occupation, with potential modernisation. The gas combination boiler is not tested and should be inspected. Optional works include updating some internal elements and investigating the proposed relocation of the bathroom to the ground floor to potentially create three first-floor bedrooms. No reliable works cost evidence is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the known buyer premium and minimum administration charge total £2,700, before any other legal, search, transfer or seller-cost reimbursements. A 75% refinance against the £187,000 base GDV would indicate £140,250, but total project cost and cash left in cannot be calculated without reliable works and transaction-cost information. The strategy is therefore highly dependent on legal-pack review, survey findings and achieved rent.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £575 pcm for a two-bedroom house in CF63, rather than achieved rent for this property or its exact postcode. Using £575 pcm gives annual rent of £6,900 and a gross yield of 5.52% on the £125,000 guide, before auction costs, finance, maintenance, voids and management. The yield on total project cost cannot be established because refurbishment and other costs are unsupported.

Flip Analysis

The evidence indicates a base GDV of approximately £187,000, but no refurbishment budget, selling-cost allowance or full acquisition-cost schedule is supplied. A reliable flip surplus cannot therefore be calculated. The apparent discount to comparable sales may reflect condition, specification, legal or other auction risks that are not disclosed in the supplied evidence.

Investor Risks & Due Diligence

• Tenure and legal position are stated to be in the legal pack and have not been provided.

• The combination boiler is not tested.

• The proposed bathroom relocation and creation of three bedrooms are not confirmed as feasible or compliant.

• Comparable sales lack confirmed bedroom count, condition and specification; one reported sale at £622,000 is anomalous and unexplained.

• The £575 pcm figure is an advertised asking rent in CF63, not an achieved rent for the subject property.

• Additional auction costs may include searches, seller-cost reimbursement, legal fees and transfer fees.

• No reliable refurbishment budget or selling-cost allowance is available.

Recommendation

Potentially suitable for a cautious buy-to-let or owner-occupier purchase if the legal pack and inspection confirm acceptable condition and tenure. Do not rely on the three-bedroom conversion or a flip profit without confirmed costs, planning/building-control advice and resale evidence.

Strategy Rating

Analysis Confidence

There is useful same-street sold-price evidence and one area rental listing, but comparable specifications, tenure, condition, achieved rent, refurbishment costs, legal-pack details and full purchase costs are missing.