23A Crowther Road, South Norwood, London, SE25 5QW

Description

A Ground Floor Two Bedroom Flat Subject to a Periodic Tenancy Producing £17,400 Per Annum. The property comprises a ground floor two bedroom flat situated within a semi detached building arranged over ground first and second floors.

Accommodation

Ground Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of South Norwood Recreation Ground are within easy reach. Transport links are provided by Norwood Junction overground station and rail station.

Tenure / Property Information

Investment Analysis

Evidence-supported comparables range from £280,000 (11A, 2023) to £342,000 (22, 2026), with the subject property previously selling for £282,142 in 2020. The comparable evidence varies materially and does not confirm size, condition or specification. A cautious base GDV of £310,000 is used, with low/high scenarios of £280,000 and £342,000.

Investment Snapshot

Strategy Recommendation

Prioritise a hold/BTL strategy if the £17,400 annual rent is verified and the tenancy, lease, service-charge position and legal pack are satisfactory. Do not rely on the headline GDV or pursue a flip without inspection and full cost evidence.

Works Required

No refurbishment defects or required works are evidenced. Allow for inspection, confirmation of the flat’s condition, and any legally or safety-required works identified in the legal pack or survey; no works allowance is included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide price, the purchase plus the known administration charge totals £181,800 before finance, tax, disbursements or works. A 75% refinance against the £310,000 base GDV would be approximately £232,500, implying indicative cash released of £50,700 before finance and tax. This is an illustrative calculation only and depends on lender valuation, affordability, tenancy evidence and the legal pack.

Buy-to-Let Analysis

At the £180,000 guide, the stated rent of £17,400 per annum (£1,450 pcm) gives a gross yield of approximately 9.67%. Including the known £1,800 administration charge, the gross yield is approximately 9.57%. This is based on passing rent, not market rent, and excludes finance, tax, service charges, insurance, maintenance, voids and any additional purchaser costs. The periodic tenancy and tenant-in-situ position require legal and tenancy due diligence.

Flip Analysis

The base GDV estimate is £310,000 against a guide-price acquisition and known administration charge of £181,800, implying £128,200 before selling costs, finance, tax and any works. No supported selling allowance or refurbishment cost is available, so a reliable flip surplus cannot be calculated. Comparable prices vary materially and condition is not evidenced.

Investor Risks & Due Diligence

• The property is subject to a periodic tenancy with a tenant in situ; tenancy terms, arrears, deposit and possession position are not supplied.

• Additional disbursements and other purchaser charges may be payable under the legal pack and special conditions.

• No condition or refurbishment information is provided, so actual works costs are unknown.

• The £17,400 annual rent is passing rent evidence, not an independent market-rent assessment.

• Comparable sale prices range materially from £170,000 to £342,000 and do not establish the subject’s current value, condition or specification.

• EPC, council tax, parking, heating and service-charge information is not supplied.

• The guide price is not the final purchase price and no maximum bid can be supported from the available cost evidence.

Recommendation

Prioritise a hold/BTL strategy if the £17,400 annual rent is verified and the tenancy, lease, service-charge position and legal pack are satisfactory. Do not rely on the headline GDV or pursue a flip without inspection and full cost evidence.

Strategy Rating

Analysis Confidence

The passing rent, tenure, lease term, guide price, administration charge and several completed-sale comparables are supplied. Confidence is reduced by the absence of condition, size, service-charge, EPC, market-rent, buyer-fee and disbursement evidence, and by material variation between comparables.