22 Parklands Road, Wednesbury, WS10 7TL

Description

A vacant leasehold first floor apartment

Accommodation

Ground Floor: Communal Entrance. First Floor: No. 22 - Hall, Reception Room, Kitchen, Two Bedrooms, Bathroom/WC. Outside: Off-Road Parking and Communal Gardens.

Tenure / Property Information

Investment Analysis

The strongest comparable is 52 Parklands Road at £73,000 in November 2020. Other same-road sales range from £58,000 in 2010 to £74,950 in 2004, but the older evidence is less reliable for current value. A provisional base GDV of £73,000 is supported, with a cautious £64,000–£75,000 scenario range. The lease term, service charge, ground rent and property condition remain unverified.

Investment Snapshot

Strategy Recommendation

Potential income purchase subject to satisfactory lease, service-charge and ground-rent details, achieved-rent confirmation and inspection. Do not rely on the provisional GDV or gross yield until the legal pack and total costs are reviewed.

Works Required

No specific refurbishment works are evidenced. Allow for inspection, cleaning and any remedial or compliance works only after reviewing the legal pack and viewing information; no reliable works budget can be established from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £64,000 guide, the known purchase price plus £2,700 administration charge is £66,700 before other costs and any works. A 75% refinance against the £73,000 base GDV would be approximately £54,750, leaving at least £11,950 unrecovered before works, finance, tax and other costs. BRRR viability is therefore uncertain and depends heavily on the lease terms, actual costs and achievable valuation.

Buy-to-Let Analysis

Advertised two-bedroom rents are £750–£850 pcm, giving a midpoint estimate of £800 pcm and annual gross rent of £9,600. This equates to approximately 15.0% gross yield against the £64,000 guide price, before the £2,700 administration charge, purchase costs, finance, service charge, ground rent, maintenance and voids. Net yield cannot be established because these costs are unavailable and the rents are asking rents rather than achieved rents.

Flip Analysis

A provisional £73,000 base GDV is supported by the 2020 same-road sale, but no condition-based works budget, selling allowance or full acquisition-cost schedule is supplied. A reliable flip surplus and maximum bid cannot therefore be calculated.

Investor Risks & Due Diligence

• Full lease details are not supplied, including lease length, service charge and ground rent.

• Additional costs may be payable under the special conditions beyond the stated £2,700 administration charge.

• Rental evidence comprises advertised asking rents rather than achieved or passing rents.

• Comparable sales are dated, with the strongest evidence from November 2020 and the remaining sales from 2010 or earlier.

• Property condition and any required works are not evidenced.

• The property is vacant, so there is no existing passing rent or tenancy history.

Recommendation

Potential income purchase subject to satisfactory lease, service-charge and ground-rent details, achieved-rent confirmation and inspection. Do not rely on the provisional GDV or gross yield until the legal pack and total costs are reviewed.

Strategy Rating

Analysis Confidence

There is one relatively recent same-road sale and three rental asking-price indicators, but the comparable sales are dated, rents are not achieved rents, and lease terms, condition, service charges, ground rent and additional auction costs are unavailable.