26 Lancaster Place, Walsall, West Midlands, WS3 3NE

Description

A two bedroom semi-detached property surmounted by a tiled clad roof set back from the road behind a lawned foregarden. The property benefits from having UPVC double glazing and electric heating. The property is located on Lancaster Place which in turn is found off Field Road and the property is within approximately a miles distance from Bloxwich Town Centre. The property was let on an Assured Shorthold Tenancy Agreement dated 26/04/2013 and produces a rental of £440 pcm (£5,280 per annum).

Accommodation

Ground Floor Entrance Porch, Entrance Hallway, Lounge: (3.81x4.19m), Dining Room: (2.95x2.02m), Kitchen: (2.65x295m), Stairs First Floor Landing, Bedroom 1: (3.23x4.85m), Bedroom 2: (3.96x2.67m), Shower Room: (1.73x2.00m) having shower cubicle, wash basin and WC

Location

26 Lancaster Place, Walsall, West Midlands, WS3 3NE. The Cottons particulars describe the property as being within an established local residential/commercial area with access to nearby shops, amenities and transport links.

Key Investment Considerations

• Guide Price: £92,000+

• Tenure: Freehold

• Condition: Condition to verify

• Preferred strategy: Income Buy-to-Let / Rent Optimisation

Investment Analysis

Investment Snapshot

Strategy Recommendation

Preferred strategy: Income Buy-to-Let / Rent Optimisation. This is based on the Cottons property description, current condition, tenure and the guide price. It should be tested against the legal pack, inspection, finance and local market evidence before bidding.

Works Required

• Review existing tenancy

• Heating/electrical checks

• Decoration and minor repairs

• Garden maintenance

HB initial works allowance: £10,000–£20,000. This is an investment-feasibility allowance, not a contractor quotation.

Rental & Market Context

The Cottons particulars state current rental income of approximately £5,280 per annum. For initial appraisal only, HB estimates market rent at approximately £800–£900 per month (£9,600–£10,800 per annum). This is an indicative market assumption, not an auctioneer-stated figure, and should be checked against current local lettings before bidding.

GDV / Resale Analysis

HB's indicative post-works / stabilised value range is £140,000–£160,000. This is an appraisal estimate only, not a RICS valuation. Confirm the figure using recent genuinely comparable sold evidence, adjusting for property type, condition, tenure, floor area, plot and any planning potential.

Properties Sold Within Approx. 5 Miles

Specific sold transactions are not contained in the supplied Cottons scrape, so no unverified addresses or sold prices have been inserted. Before bidding, verify recent Land Registry sales for closely comparable properties in the same postcode and surrounding area.

Potential BRRR Position

Using a middle-case appraisal of £92,000 purchase plus approximately £15,000 works gives an indicative project cost of about £107,000 before SDLT, legal, finance and auction charges. At the midpoint HB indicative value of £150,000, a purely illustrative 75% refinance would be about £112,500. That would leave approximately £0 of purchase/works capital in the project before acquisition and finance costs. Lender valuation and rental stress testing will determine the actual refinance position.

Flip Analysis

A midpoint resale appraisal of £150,000 less the £92,000 guide and midpoint works allowance of £15,000 gives an indicative gross spread of about £43,000 before SDLT, auction fees, legal costs, finance, utilities, insurance, holding costs, selling fees and contingency. This gross spread is not profit and should only be used as an initial feasibility check.

Investor Risks & Due Diligence

• Review the full Cottons legal pack, title and special conditions before bidding

• Confirm buyer's premium / administration charges and completion timetable

• Obtain an appropriate structural or condition survey

• Verify refurbishment quotations and contingency before setting a maximum bid

• Verify current local rental evidence and recent sold comparables

• Confirm lender requirements, valuation assumptions and exit finance

• Verify tenancy agreements, deposits, rent history and landlord compliance

Recommendation

Initial recommendation: Income Buy-to-Let / Rent Optimisation. The guide price may offer scope for value creation, but the investment case should only proceed if the legal pack, condition, rental evidence, finance and exit value all support the proposed maximum bid.

Strategy Rating

BRRR: ★★★★☆ | Buy-to-Let: ★★★★☆ | Flip: ★★★☆☆