29 Perry Street, Easton, Bristol

Description

A freehold mid terraced period property arranged over 2 floors, with potential to extend to the rear and into the attic space, subject to gaining the necessary consents. Requires updating and is sold with vacant possession.

Accommodation

941 sq ft arranged over 2 floors: open plan front reception room, separate kitchen to the rear, WC, rear garden, 2 bedrooms and family bathroom.

Location

Located a few minutes' walk from the amenities of St Marks Road, Stapleton Road, Lawrence Hill and Old Market in Easton. Bristol City Centre is approximately two miles away, with the nearby M32 motorway network offering a route out of the city.

Tenure / Property Information

Investment Analysis

Sold evidence on Perry Street ranges from £251,310 to £361,000, including £300,000 for 3 Perry Street and £257,000 for 25 Perry Street. The duplicate £300,000/£251,310 entries for 3 Perry Street and the absence of bedroom and condition details limit direct comparability. A base GDV of £300,000 is used, with low and high scenarios based on the supplied evidence range.

Investment Snapshot

Strategy Recommendation

Treat as a potential BTL or BRRR project only after inspection, legal review and a fully priced updating schedule. Do not set a maximum bid until works, achieved rental evidence and auction costs are confirmed.

Works Required

The property is described as requiring updating. Specific works, condition defects and any extension or attic-conversion costs are not evidenced, so no refurbishment allowance is assigned. Any rear or attic extension remains subject to the necessary consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £300,000 base GDV, a 75% refinance would be approximately £225,000. Cash left in cannot be calculated reliably because the refurbishment cost and total project cost are not evidenced. The guide price plus the £1,800 buyer premium is already approximately £231,800 before works and other costs, so the refinance outcome is highly sensitive to the eventual purchase price and updating budget.

Buy-to-Let Analysis

Using the £230,000 guide price, the supplied rental evidence implies gross yields of approximately 6.19% at £1,187 pcm and 9.39% at £1,800 pcm, before finance, operating costs, tax and refurbishment. The lower figure is an advertised asking rent and the higher figure is an auctioneer estimate, so achieved rent is unconfirmed. The buyer premium adds £1,800 including VAT, while refurbishment costs are unknown.

Flip Analysis

A base GDV of £300,000 is supported by the supplied Perry Street sales, but resale surplus cannot be calculated because updating costs, selling costs and the final purchase price are unknown. The £1,800 buyer premium must also be included in project costs. Potential extension or attic works cannot be relied upon without consents and a defined budget.

Investor Risks & Due Diligence

• The property is stated to require updating, but no detailed condition report or refurbishment cost is supplied.

• The rear and attic extension potential is subject to obtaining the necessary consents and cannot be included in the base valuation.

• Rental evidence comprises advertised asking rents and an auctioneer estimate rather than achieved passing rent.

• The supplied sold comparables show a wide range and include duplicate entries with different prices for the same address.

• The final purchase price is uncertain because the guide is stated as £230,000+++.

• Buyer premium of £1,800 including VAT is payable, while no administration charge is supplied.

Recommendation

Treat as a potential BTL or BRRR project only after inspection, legal review and a fully priced updating schedule. Do not set a maximum bid until works, achieved rental evidence and auction costs are confirmed.

Strategy Rating

Analysis Confidence

There is useful same-street sold and rental evidence, but comparable bedroom and condition details, refurbishment costs, achieved rent, total auction costs and extension feasibility are not supplied.