24 Wilson Avenue, East Sleekburn, Northumberland

Description

A Vacant Ground Floor Two Bedroom Flat. The property comprises a ground floor two bedroom flat situated within a semi detached building arranged over ground and first floors.

Accommodation

Ground Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom. Exterior: The property benefits from a private rear garden.

Location

The property is situated on a residential road close to local shops and amenities. There are numerous green open spaces that are within easy reach. Transport links are provided by the A189 to the west.

Tenure / Property Information

Investment Analysis

The five supplied same-street leasehold flat sales range from £20,000 to £45,000. The most recent sales were £21,000 in March 2024 and £45,000 in January 2025. Given the wide range and no condition evidence for the subject, a cautious evidence-based scenario is £21,000 low, £32,500 base and £45,000 high. These are indicative scenarios, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Investigate only after reviewing the legal pack, lease terms, condition and complete fee schedule. The low guide creates apparent headroom against local comparables, but the bid should not be set from the guide alone and no maximum bid is supportable without condition and cost evidence.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a condition inspection and review the legal pack before budgeting for works; no works allowance has been included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £5,000 guide plus the known £1,800 administration charge and no works allowance, indicative total cost is £6,800. At the base £32,500 GDV, 75% refinancing is £24,375, leaving an indicative £17,575 of cost before finance and tax. This is highly provisional because refurbishment costs, buyer premium, disbursements, condition, lender valuation and lease-related lending requirements are unknown.

Buy-to-Let Analysis

The supplied rental evidence is one advertised asking rent of £750 pcm, not an achieved rent. At the £5,000 guide, this equates to £9,000 annual gross rent and 180% gross yield. Including the known £1,800 administration charge, the indicative gross yield is 132.35%. These figures exclude the unknown buyer premium, disbursements, service charges, lease costs, maintenance, voids, management, finance and tax, so they should not be treated as net returns.

Flip Analysis

Against the base £32,500 evidence-based GDV, the guide and known administration charge leave £25,700 before refurbishment, selling costs, buyer premium, disbursements, finance and tax. A reliable flip surplus cannot be calculated because no supported works or selling allowance is available. The comparable range is wide, so resale value remains uncertain.

Investor Risks & Due Diligence

• The comparable sales range widely from £20,000 to £45,000.

• The supplied rent is an advertised asking rent rather than achieved or passing rent.

• Condition and any refurbishment requirement are unknown.

• Buyer premium and completion disbursements are not quantified.

• Lease service charges, ground rent and other lease terms are not supplied.

• The property is leasehold and lender acceptance and valuation are unknown.

• Gross yield calculations exclude voids, management, maintenance, finance, tax and other operating costs.

Recommendation

Investigate only after reviewing the legal pack, lease terms, condition and complete fee schedule. The low guide creates apparent headroom against local comparables, but the bid should not be set from the guide alone and no maximum bid is supportable without condition and cost evidence.

Strategy Rating

Analysis Confidence

There are five same-street completed sales and one advertised rental, but the subject's condition, service charges, EPC, council tax, parking, heating, buyer premium, disbursements and selling costs are not supplied.