18 Allan Close, Tunbridge Wells, Kent

Description

A mid-terrace house now in need of improvement works situated conveniently for the centre of the village of Rusthall, convenient for the busy town centre in Tunbridge Wells.

Accommodation

Ground Floor: Entrance hall, living room/dining room and kitchen. First Floor: Landing, two bedrooms and bathroom with W.C. Outside: Gardens to front and rear.

Location

Situated conveniently for the centre of the village of Rusthall and the busy town centre in Tunbridge Wells.

Tenure / Property Information

Investment Analysis

Five same-street freehold terraced sold comparables range from £230,000 to £270,000, with an average of £254,000. Sales occurred between 2017 and 2022 and provide no condition or accommodation details, so the estimated GDV is indicative only. A base GDV of £254,000 is used, with £230,000 low and £270,000 high scenarios.

Investment Snapshot

Strategy Recommendation

Proceed only subject to survey, detailed refurbishment quotations and confirmation of all auction charges. The low guide versus same-street sold evidence is potentially attractive, but the unknown works and fees make the deal unquantifiable at present.

Works Required

General improvement works are indicated by the description, but no specific defects or scope are supplied. Obtain a survey and contractor quotations before bidding; no numeric refurbishment allowance can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £254,000 base GDV, 75% refinance is approximately £190,500. The refurbishment cost, fees and total project cost are unknown, so cash required and refinance surplus cannot be established. The strategy requires confirmed works costs and lender valuation evidence.

Buy-to-Let Analysis

Advertised two-bedroom rents range from £1,400 to £3,200 pcm, but these are asking rents with a very wide spread and no achieved-rent evidence. Indicative gross yields against the £148,000 lower guide are approximately 11.28% to 25.77%, before works, finance, tax, voids and operating costs. A reliable BTL yield cannot be established.

Flip Analysis

The same-street sold evidence suggests an indicative resale range of £230,000 to £270,000, with a £254,000 base. A flip surplus cannot be calculated because refurbishment costs, administration charges, purchase taxes and selling costs are unsupported or unspecified.

Investor Risks & Due Diligence

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

• The sold comparables are dated 2017 to 2022 and lack condition and accommodation details.

• Rental evidence consists only of advertised asking rents and ranges widely from £1,400 to £3,200 pcm.

• Administration, other non-optional fees, search costs, Stamp Duty, Land Registry fees and VAT may be payable, but amounts are not supplied.

• The property is vacant, so there is no passing rental income.

Recommendation

Proceed only subject to survey, detailed refurbishment quotations and confirmation of all auction charges. The low guide versus same-street sold evidence is potentially attractive, but the unknown works and fees make the deal unquantifiable at present.

Strategy Rating

Analysis Confidence

There is useful same-street sold evidence and rental advertising, but comparable condition and accommodation details, achieved rents, refurbishment costs, buyer charges and selling costs are not supplied.