12 Railway Street, Wigston, Leicestershire LE18 4QE

Description

A traditional two bedroom terraced property situated on a quiet street in South Wigston. The property requires general modernisation throughout but benefits from uPVC double glazing and a good size rear garden with outbuildings. Well placed for local amenities including a range of shops and schooling and excellent public transport links, road and motorway links and within walking distance to the train station. An ideal investment opportunity with potential rental income of circa £1000 pcm/£12,000 per annum after refurbishment.

Accommodation

Lounge - 3.55m x 3.50m, with tiled fireplace and window to front. Dining Room - 4.01m x 3.50m, with fireplace, under stairs cupboard, window to rear and stairs off. Inner Lobby with door to garden and further door to kitchen. Kitchen - 2.65m x 1.90m, with basic fittings, sink, space for appliances and window to side. Landing. Bedroom One - 4.03m x 3.67m, having overstairs cupboard and window to front. Bedroom Two - 3.66m x 3.12m, with overstairs cupboard and window to rear. Bathroom with low flush w.c., wash hand basin and panel bath, airing cupboard and window to rear. Outside: small garden to front with gated path, shared side passage, and good size rear garden with paved seating area, gravelled areas, two brick stores and brick w.c., fully enclosed with brick walling. Scope for extension, subject to any required consents.

Location

Situated on a quiet street in South Wigston. Well placed for local amenities including a range of shops and schooling, excellent public transport links, road and motorway links, and within walking distance to the train station.

Investment Analysis

The supplied completed sales on Railway Street range from £161,000 to £199,000, with the two most recent sales at £171,500 and £180,000. These provide local evidence for a renovated or generally saleable terraced house, but the sales do not provide condition, size or specification details. A cautious base GDV estimate of £180,000 is used, with a low scenario of £171,500 and high scenario of £199,000. The property requires general modernisation, so actual resale value depends on the scope and quality of works. The £100,000 guide is subject to a buyer premium of 4.8%, with a £6,000 minimum; at the guide this minimum applies. No refurbishment cost evidence or selling-cost allowance has been supplied.

Investment Snapshot

Strategy Recommendation

Obtain a full survey, refurbishment quotations and confirmation of special-condition fees before bidding. Subject to those checks, the property appears more suitable for a modernisation-led BTL or BRRR assessment than an immediately underwritten flip, but no bid level can be supported from the supplied evidence.

Works Required

General modernisation throughout, subject to survey and contractor pricing. The existing basic kitchen and bathroom should be assessed and updated where required, with associated redecoration and repair works only where evidenced by inspection. No specific structural, service or compliance defects have been supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £180,000 base GDV, 75% refinance is indicated at £135,000. However, refurbishment costs, finance costs, total acquisition cost and the eventual rent are not sufficiently evidenced. Consequently, cash left in and the viability of a BRRR exit cannot be reliably calculated.

Buy-to-Let Analysis

The auctioneer estimates circa £1,000 pcm after refurbishment, equivalent to £12,000 annually. Against the £100,000 guide alone this indicates a gross yield of 12%. This is an auctioneer estimate rather than achieved rent, and no sufficiently specific external rental evidence is available. The true yield cannot be established until the purchase price, refurbishment cost and other acquisition costs are known.

Flip Analysis

The supplied local completed sales support a broad GDV range of £171,500 to £199,000, with £180,000 used as the base case. A flip surplus cannot be calculated because no refurbishment budget, finance cost or selling-cost allowance is supplied. The minimum £6,000 buyer premium at the £100,000 guide must also be allowed for, alongside any special-condition fees.

Investor Risks & Due Diligence

• The property requires general modernisation and the refurbishment cost is unquantified.

• The £1,000 pcm rent is an auctioneer estimate, with no sufficiently specific external rental comparables.

• Completed sales vary from £161,000 to £199,000 and lack condition, size and specification details.

• The buyer premium is subject to a £6,000 minimum at the £100,000 guide, and additional special-condition fees may apply.

• Tenure, occupancy, EPC, council tax, heating and parking information have not been supplied.

• Any extension potential is subject to required consents and has not been valued.

Recommendation

Obtain a full survey, refurbishment quotations and confirmation of special-condition fees before bidding. Subject to those checks, the property appears more suitable for a modernisation-led BTL or BRRR assessment than an immediately underwritten flip, but no bid level can be supported from the supplied evidence.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and an auctioneer rent estimate, but condition-adjusted comparables, refurbishment costs, tenure, occupancy, finance assumptions, selling costs and special-condition fees are unavailable.