2 Cross Street, Newport, Isle Of Wight, PO30 1PT

Description

This freehold mid-terrace house is situated very close to the centre of Newport, the Island’s county town, which offers many local and national retailers and many other local amenities close by. The property has been in use as an investment for many years and is considered ideal for addition to an income-producing portfolio following improvement works or alternatively owner occupation.

Accommodation

Ground Floor: Living room, dining room and kitchen. First Floor: Landing, two bedrooms and bathroom with W.C. Outside: Garden and brick-built storage shed.

Location

Very close to the centre of Newport, the Island’s county town, which offers many local and national retailers and many other local amenities close by.

Tenure / Property Information

Investment Analysis

Completed sales on the same street range from £108,000 to £170,000. The £160,000 base GDV uses the cluster of £160,000-£170,000 sales, but bedroom counts, condition and floor areas are not supplied, so the valuation is indicative only. A low scenario of £108,000 and high scenario of £170,000 are evidence-based sale-price references rather than formal valuations.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let or BRRR purchase at a controlled price, subject to a full inspection, rent validation and confirmation of all auction charges. Do not rely on the £160,000 GDV or bid without a quantified works budget.

Works Required

The property is described as being for improvement, but no specific defects or scope are supplied. Allow for inspection-led cosmetic, kitchen, bathroom, decoration and general repair works only if confirmed; refurbishment cost cannot be estimated from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the £160,000 base GDV indicates £120,000 potential gross borrowing before lender criteria, valuation, fees and finance costs. Cash left in cannot be calculated because refurbishment costs and applicable purchase/auction charges are unknown. The refinance case is therefore dependent on achieving the assumed GDV and completing improvement works within budget.

Buy-to-Let Analysis

At the £90,000 guide, the two advertised asking-rent references of £975-£1,200 pcm imply gross yields of approximately 13.0%-16.0%. These are advertised rents rather than achieved rents, and operating costs, voids, finance, refurbishment and unspecified auction charges are not provided. BTL may be attractive at or near guide subject to inspection and confirmed achievable rent.

Flip Analysis

The same-street sales support a broad resale reference range of £108,000-£170,000, with £160,000 used as the base GDV. Flip surplus cannot be calculated because works, acquisition costs, selling costs and the final achievable resale condition are unsupported.

Investor Risks & Due Diligence

• Comparable sale bedroom counts, floor areas and condition are not supplied.

• The property requires improvement but no detailed works scope or cost is provided.

• Rental evidence comprises advertised asking rents, not achieved rents or a passing tenancy.

• Administration, other non-optional auction charges, taxes and registration costs are unspecified.

• Actual resale value may differ materially from the indicative £160,000 base GDV.

• Refinance depends on lender valuation, criteria and the completed condition of the property.

Recommendation

Potential buy-to-let or BRRR purchase at a controlled price, subject to a full inspection, rent validation and confirmation of all auction charges. Do not rely on the £160,000 GDV or bid without a quantified works budget.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and two rental asking-price references, but comparable bedroom counts, floor areas and condition are absent, while refurbishment costs and auction charges are unspecified.