23 Irene Avenue, Stoke-on-Trent, Staffordshire

Description

A Vacant Three Bedroom Semi Detached House. Potential for a Loft Extension (Subject to Obtaining all Relevant Consents). The property comprises a three bedroom semi detached house arranged over ground and first floors.

Accommodation

Ground Floor: Through Reception Room; Kitchen. First Floor: Three Bedrooms; Bathroom; Separate WC.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Victoria Park are within easy reach. Transport links are provided by Longport rail station.

Tenure / Property Information

Investment Analysis

Completed sales on Irene Avenue range from £80,000 to £153,000. The subject sold for £94,500 on 29 March 2023, while other semi-detached sales include £135,000 in March 2024 and £153,000 in June 2023. A base GDV of £135,000 is supported by the most recent comparable, with £94,500 as a lower scenario and £153,000 as an upper scenario. Condition, specification and any benefit from a loft extension are not evidenced, so these are indicative scenarios rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Consider as a potential buy-to-let at an attractive guide price, subject to inspection, legal-pack review, confirmation of the £800 pcm rent and all auction charges. Do not rely on the loft-extension potential without planning and building-regulation confirmation.

Works Required

No specific defects or refurbishment requirements are evidenced. Inspect the property and legal pack before purchase. A loft extension is identified as a potential opportunity, subject to all relevant consents; no allowance is made for it.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the £135,000 base GDV would be approximately £101,250. However, refurbishment costs, total acquisition costs, lender valuation, finance terms and buyer premium are not supplied, so cash required and cash left in cannot be calculated reliably.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £800 pcm, equating to £9,600 annually. Against the £60,000–£80,000 guide this indicates a gross yield of approximately 12.0%–16.0%, or 13.71% at the £70,000 guide midpoint. Achieved rent, operating costs, finance costs, buyer premium and any required works are unknown, so net returns cannot be established.

Flip Analysis

The evidence supports an indicative resale range of £94,500–£153,000, with £135,000 as the base GDV. A flip surplus cannot be calculated because works, purchase costs, buyer premium, other auction charges and selling costs are not fully evidenced.

Investor Risks & Due Diligence

• Property condition and required works are not evidenced.

• The £800 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Buyer premium and additional auction charges are unspecified.

• Loft extension potential is subject to obtaining all relevant consents.

• GDV scenarios may vary materially with specification and condition.

• Legal-pack, title and purchaser disbursement details have not been supplied.

Recommendation

Consider as a potential buy-to-let at an attractive guide price, subject to inspection, legal-pack review, confirmation of the £800 pcm rent and all auction charges. Do not rely on the loft-extension potential without planning and building-regulation confirmation.

Strategy Rating

Analysis Confidence

There are several relevant completed local comparables and one rental asking-rent listing, but property condition, achieved rent, refurbishment costs, buyer premium, other fees and legal-pack details are unavailable.