31 Gladstone Street, Walsall, West Midlands

Description

A three bedroom mid terrace house. Externally the property benefits from a rear garden. In need of modernisation. Extension potential subject to requisite consents. Vacant.

Accommodation

Ground Floor - Two Reception Rooms, Kitchen. First Floor - Three Bedrooms, Bathroom/WC.

Location

Walsall is a market town located 9 miles North West of Birmingham and 7 miles east of Wolverhampton. Shopping facilities are available locally in Walsall along with a good selection of cafes, bars and restaurants. Recreational facilities can be found nearby, such as Reedswood Park which is a short distance away. Nearby road communications are via the A454; junction 10 of the M6 is also easily accessible. Transport Walsall - West Midlands Railway.

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is 52 Gladstone Street at £106,000 in January 2023, with another sale at £101,500 in November 2022. Older same-street sales range from £92,000 to £100,000 but are less current. A base GDV of £106,000 is used as an indicative comparable benchmark only; the subject is stated to need modernisation and the comparable properties' condition is not provided.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, inspecting the property and obtaining a detailed modernisation quote. Do not rely on the apparent GDV spread or bid without verified total project costs.

Works Required

Modernisation of the existing house, subject to inspection and specification. The evidence does not identify individual defects, required trades or costs. Any extension would require the requisite consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £106,000 indicative base GDV, 75% refinance is £79,500. Against the £90,000 guide alone this leaves a £10,500 gap before modernisation, buyer fees, finance, tax and any other charges. The absence of refurbishment costs and rent evidence prevents a reliable BRRR assessment.

Buy-to-Let Analysis

The property is vacant, but no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Rent and gross yield therefore cannot be established. The buyer fee and any seller charges are also unknown.

Flip Analysis

At the £90,000 guide, the spread to the £106,000 indicative GDV is £16,000 before modernisation, acquisition costs, finance, selling costs and tax. As refurbishment and selling allowances are unsupported, a reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• The property is stated to need modernisation, but the scope and cost of works are unknown.

• No sufficiently specific rental evidence or auctioneer rent estimate is supplied, so rental yield cannot be assessed.

• The buyer fee amount is not supplied.

• VAT may apply and seller special conditions may contain additional charges.

• Any extension is subject to the requisite consents.

• The description is inconsistent, referring to both an end terrace and a mid terrace house.

Recommendation

Proceed only after reviewing the legal pack, inspecting the property and obtaining a detailed modernisation quote. Do not rely on the apparent GDV spread or bid without verified total project costs.

Strategy Rating

Analysis Confidence

Same-street sold evidence supports an indicative value range, but the comparable condition, refurbishment scope and costs, rent, buyer fee, seller charges and other property particulars are unavailable.