241 Queens Road, Maidstone, Kent

Description

This two-bedroom end-terrace house with off-road parking is located in an established residential area in Maidstone situated within easy reach of various local schools, Maidstone hospital and the town centre with its vast array of local and national retailers. The property is in need of refurbish and repair throughout, however, once enhanced is considered ideal for occupation or investment.

Accommodation

Ground Floor: Living room, dining room and kitchen. Lower Ground Floor: Cellar. First Floor: Two bedrooms and bathroom with W.C. Outside: Front driveway and rear garden.

Location

Established residential area in Maidstone, within easy reach of various local schools, Maidstone hospital and the town centre with its local and national retailers.

Tenure / Property Information

Investment Analysis

The only supplied comparable is 243 Queens Road, a freehold terraced property that sold for £190,000 in May 2022. This supports an indicative base GDV of £190,000, but the comparable is dated and no adjustment evidence is supplied. The subject requires refurbishment and repair throughout, so the actual completed value remains uncertain.

Investment Snapshot

Strategy Recommendation

Proceed only after a full survey and priced refurbishment schedule. On the supplied evidence, the property is better treated as a conditional refurbishment opportunity rather than a confirmed flip or BRRR project.

Works Required

Refurbishment and repair throughout, as described by the auctioneer. The supplied evidence does not specify the individual works, specifications or costs, so a detailed schedule and contractor quotations are required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the dated Queens Road comparable as a base GDV, 75% refinancing would indicate £142,500. However, refurbishment costs, administration and other buyer costs are unspecified, so the required equity and cash left in cannot be calculated. The property is vacant and requires repair, making a survey and detailed cost plan essential before bidding.

Buy-to-Let Analysis

Advertised two-bedroom rental evidence ranges from £850 to £1,250 pcm, implying a gross yield of approximately 8.5% to 12.5% against the £120,000 guide price. These are asking rents rather than achieved rents, and no single supported rent is available. Works, fees and finance costs are unknown, so a net return and total-cost yield cannot be established.

Flip Analysis

A £190,000 base GDV is supported only by one May 2022 comparable. A flip surplus cannot be calculated because refurbishment costs, buyer charges, selling costs and any required selling allowance are not supplied.

Investor Risks & Due Diligence

• The property is described as requiring refurbishment and repair throughout, with no detailed scope or cost estimate supplied.

• The sole comparable completed in May 2022 may not represent current market value.

• Rental figures are advertised asking rents rather than achieved rents and vary materially from £850 to £1,250 pcm.

• An administration fee and other non-optional buyer costs may apply, but their amounts are unspecified.

• EPC rating E may require consideration when planning refurbishment and letting.

Recommendation

Proceed only after a full survey and priced refurbishment schedule. On the supplied evidence, the property is better treated as a conditional refurbishment opportunity rather than a confirmed flip or BRRR project.

Strategy Rating

Analysis Confidence

There is one relevant completed sale and several advertised rental figures, but the comparable is dated and refurbishment costs, fees, achieved rent and current market evidence are unavailable.