22 Tennant Street, Birmingham, West Midlands

Description

A 2 bedroom first floor flat in a purpose built block. Excellent rental potential. Based on comparable evidence we anticipate an achievable rental figure of £900 pm / £10,800 pa. Alternatively, could be suitable for student letting accommodation at approximately £500 per room per month.

Accommodation

First floor: entrance hall with storage cupboard, living room, kitchen, 2 bedrooms, bathroom

Location

Located in Edgbaston, ideal for access to Aston University and BCU. This area offers direct transport links to the city centre, and has various local amenities including parks, shops and restaurants.

Tenure / Property Information

Investment Analysis

The only recent completed sale supplied is £211,000 for 20 Tennant Street in April 2024. The same-address sale at £140,000 is from 2004 and is not directly current evidence. A provisional base GDV of £211,000 is therefore used, subject to confirming size, condition, floor, lease terms and comparability. No supported low or high GDV scenarios are available.

Investment Snapshot

Strategy Recommendation

Potentially strongest as a buy-to-let at the guide, subject to verifying the rent, condition, lease and legal pack. Do not rely on the apparent GDV or BRRR equity without confirming comparability and refinanceability.

Works Required

No specific defects or refurbishment requirements are provided. Allow for inspection and any essential works only after reviewing the condition, lease, block information and legal pack; no refurbishment budget has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £211,000 provisional base GDV, 75% refinance is £158,250. Against the £94,000 guide plus the £1,692 buyer premium, this indicates approximately £62,558 of cash could remain invested before finance costs, tax and any works. The calculation excludes unknown refurbishment, legal, finance, valuation, mortgage and other special-condition costs; refinance and valuation are not assured.

Buy-to-Let Analysis

At the £94,000 guide, the auctioneer's £900 pcm rent estimate implies £10,800 annual rent and approximately 11.49% gross yield before costs. The alternative student estimate of £500 per room implies £1,000 pcm and approximately 12.77% gross yield. These are estimates rather than achieved rents, and no sufficiently specific external rental comparables were identified. Including the known 1.8% buyer premium of £1,692, but no refurbishment allowance, gross yield is approximately 11.29% on stated total cost.

Flip Analysis

On the provisional £211,000 GDV and known acquisition cost of £95,692, the apparent surplus before works, selling costs, finance, tax and other costs is £115,308. A reliable flip surplus cannot be established because no supported selling allowance, refurbishment budget or full acquisition-cost schedule is supplied.

Investor Risks & Due Diligence

• The £900 pcm and £500-per-room figures are estimates, not achieved rents, and no sufficiently specific external rental comparable was identified.

• The GDV relies principally on one nearby completed sale at 20 Tennant Street; the supplied same-address sale is historic from 2004.

• The lease has 91 years unexpired, with no ground rent, service charge, lease restrictions or extension terms supplied.

• Condition and any required works are unknown, so no refurbishment allowance can be calculated.

• Admin charges, special-condition fees, legal costs, finance costs, tax and selling costs are not supplied.

• EPC, council tax, parking and heating information are absent.

• Student letting suitability and the stated student rent require verification before relying on that strategy.

Recommendation

Potentially strongest as a buy-to-let at the guide, subject to verifying the rent, condition, lease and legal pack. Do not rely on the apparent GDV or BRRR equity without confirming comparability and refinanceability.

Strategy Rating

Analysis Confidence

The guide, buyer premium, lease term, one recent nearby sale and auctioneer rent estimate are supplied, but condition, EPC, service charges, ground rent, legal-pack fees, external rental evidence and detailed comparable specifications are absent.