3 Lys an Pons, Crockwell Street, Bodmin, Cornwall, PL31 2DS

Description

A two-bedroom first-floor flat conveniently situated in the heart of Bodmin, close to a range of local amenities and transport links. The accommodation comprises an entrance hallway, an open-plan kitchen/living/dining room, two bedrooms, and a shower room. The property would make an excellent investment opportunity with strong rental potential.

Accommodation

Entrance hallway; open-plan kitchen/living/dining room; two bedrooms; shower room. Kitchen Area: 3.15m x 2.50m. Living/Dining Room: 3.53m x 2.95m. Bedroom One: 3.40m x 2.51m. Bedroom Two: 2.16m x 2.03m. Shower Room: 2.51m x 1.30m.

Location

Situated in the heart of Bodmin, close to a range of local amenities and transport links.

Tenure / Property Information

Investment Analysis

Same-development leasehold flat sales range from £85,000 to £124,000, with the latest supplied comparable at £124,000 in December 2024. A base GDV of £115,000 is estimated, subject to confirmation of lease terms, condition and exact specification. The guide price is materially below the supplied comparable evidence.

Investment Snapshot

Strategy Recommendation

Investigate as a potential buy-to-let or refinance-led purchase, subject to legal review of the lease, inspection, confirmation of rent and full auction costs. The guide-to-comparable discount is attractive, but the evidence is insufficient to commit to a maximum bid.

Works Required

No specific defects or refurbishment requirements are evidenced. Allowance should be made for inspection, cleaning and any works identified by the survey, but no supported refurbishment cost can be quantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £50,000 guide, stated £2,700 auction charges and no quantified works allowance, base project cost is £52,700. At a £115,000 GDV, 75% refinance is approximately £86,250, indicating potential gross cash release of approximately £33,550 before finance costs, tax, legal costs and any further auction or refurbishment expenditure. Actual refinancing depends on valuation, lease, lender criteria and condition.

Buy-to-Let Analysis

At the guide price, the auctioneer's approximately £800 pcm gross rent implies £9,600 annual gross income and a 19.20% gross yield before costs. Including the stated £1,500 buyer premium and £1,200 administration charge, the yield is approximately 18.22%. The rent is an estimate rather than achieved passing rent, and no external rental comparables were identified.

Flip Analysis

On the base £115,000 GDV, the guide price plus the stated £2,700 auction charges gives £62,300 before selling costs, finance, tax and works. A reliable net flip surplus cannot be calculated because refurbishment costs and selling costs are not evidenced.

Investor Risks & Due Diligence

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

• The £800 pcm figure is an auctioneer/local-agent estimate, not an achieved or passing rent.

• No specific condition report or refurbishment costs are supplied.

• Additional search, seller, legal and transfer costs may apply.

• The comparable sales vary from £85,000 to £124,000, creating valuation uncertainty.

• Refinance calculations exclude finance costs, tax, legal costs and any works.

Recommendation

Investigate as a potential buy-to-let or refinance-led purchase, subject to legal review of the lease, inspection, confirmation of rent and full auction costs. The guide-to-comparable discount is attractive, but the evidence is insufficient to commit to a maximum bid.

Strategy Rating

Analysis Confidence

There are several same-development completed sales and an auctioneer rent estimate, but lease details, condition, external rental comparables, selling costs and other possible auction charges are not supplied.