23b Oakfield Road, Croydon, Surrey

Description

A one bedroom second floor flat. The property forms part of a three storey converted building. In need of modernisation. Investment let at £10,200 per annum. The property is considered to be underlet and there is potential for this figure to be increased. Prospective purchasers must rely upon their own enquiries in this regard.

Accommodation

One bedroom second floor flat

Location

Located on Oakfield Road. Amenities are available nearby on London Road with a broader range available in the centre of Croydon. The recreational amenities of Wandle Park, Park Hill Park, Wilford Road Recreation Ground and Duppas Hill Recreation Ground are located close by. Road links via A232 and A23. Transport: West Croydon - Overground / Southern / Tram; East Croydon - Gatwick Express / Southern / Thameslink.

Tenure / Property Information

Investment Analysis

The supplied sold comparables are on Oakfield Road but do not identify matching bedroom count, floor, size, condition or lease term. They therefore do not support a reliable GDV or market-value estimate for this flat. The passing rent of £10,200 per annum is supported, but any uplift is unverified.

Investment Snapshot

Strategy Recommendation

Consider only as a cautious income-led acquisition at a price that allows for the unknown modernisation and short lease. Verify the tenancy, achievable rent, lease terms, service charges, permissions and all auction fees before bidding; do not rely on a flip or rent-uplift case without further evidence.

Works Required

Modernisation is required, but the evidence does not specify the scope or condition of individual elements. Obtain a full inspection and price only evidenced works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis cannot be completed because no supported GDV, refurbishment budget, buyer costs or refinance assumptions are available. The 99-year lease from 25 March 1985 implies approximately 57 years remaining in November 2026, which may affect lending, value and refinanceability.

Buy-to-Let Analysis

At the £90,000 guide, the stated passing rent of £10,200 per annum equates to a gross yield of approximately 11.33% before refurbishment, finance, service charge, leasehold and other costs. The property is described as underlet, but no supported market rent is provided, so the potential uplift cannot be quantified. The short remaining lease requires particular due diligence.

Flip Analysis

A flip surplus cannot be calculated. The supplied comparables are insufficiently specific and no refurbishment cost or selling-cost allowance is provided. Modernisation is required, but its extent is unknown.

Investor Risks & Due Diligence

• Approximately 57 years remain on the stated lease at the analysis date, subject to confirmation of the lease and any extensions.

• The flat is described as needing modernisation, but the works scope and cost are unknown.

• The stated £10,200 annual rent is passing rent; any increase is unverified.

• No sufficiently specific external rental comparable is supplied.

• Buyer fees, VAT and possible seller charges are not quantified.

• Service charges, ground rent, reserve-fund contributions and other leasehold liabilities are not supplied.

• Tenancy terms, arrears, deposit position and vacant-possession arrangements are not supplied.

Recommendation

Consider only as a cautious income-led acquisition at a price that allows for the unknown modernisation and short lease. Verify the tenancy, achievable rent, lease terms, service charges, permissions and all auction fees before bidding; do not rely on a flip or rent-uplift case without further evidence.

Strategy Rating

Analysis Confidence

The guide price and passing rent are supplied, but there is no specific valuation evidence, refurbishment quotation, leasehold-cost information, EPC, tenancy detail, buyer-fee schedule or supported market-rent evidence.