31 Halstead Close, Canterbury, Kent, CT2 7UD

Description

A Vacant Ground Floor Two Bedroom Flat in Need of Refurbishment. The property comprises a ground floor two bedroom flat situated within a purpose built block arranged over ground and two upper floors.

Accommodation

Ground Floor: Reception Room, Kitchen, Two Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Birley's Pavilion & Playing Fields are within easy reach. Transport links are provided by Canterbury West rail station.

Tenure / Property Information

Investment Analysis

Same-road leasehold flat sales range from £122,500 to £160,000, with three 2025 sales at £122,500, £145,000 and £160,000. A base GDV of £145,000 is used, with £122,500 as a low scenario and £160,000 as a high scenario. The range reflects limited evidence on the subject flat’s size, precise condition and specification.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, inspection and a confirmed refurbishment budget. BTL or BRRR appears more suitable for investigation than a committed flip strategy, but the purchase price should remain subject to full cost underwriting.

Works Required

The property is described as needing refurbishment, but no detailed schedule or condition report is supplied. Specific works and costs cannot be reliably identified from the evidence; the legal pack and inspection should establish the required scope.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV of £145,000, a 75% refinance is approximately £108,750. The strategy cannot be fully underwritten because refurbishment costs, leasehold charges, finance costs and the final purchase price are unknown. The guide-to-GDV spread is potentially attractive, but it is not a confirmed profit or cash-release figure.

Buy-to-Let Analysis

Using the £60,000 guide and the lowest advertised asking rent of £1,300 pcm, gross rent is £15,600 per year and the gross yield is 26% before refurbishment, leasehold costs, finance, management, voids and other expenses. The supplied rents are advertised asking rents rather than achieved rents, so net yield cannot be established.

Flip Analysis

The evidence supports a base GDV of £145,000, but refurbishment costs, acquisition costs beyond the £1,800 administration charge, selling costs and the final auction price are not sufficiently supplied. A reliable flip surplus and maximum bid therefore cannot be calculated.

Investor Risks & Due Diligence

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

• Advertised rental figures are asking rents, not achieved or passing rents.

• The final purchase price may exceed the £60,000 guide.

• Buyer administration is £1,800 including VAT, with possible additional disbursements and other legal-pack charges.

• Leasehold service charges, ground rent and other lease-specific liabilities are not supplied.

• The same-road sold evidence ranges from £122,500 to £160,000, creating valuation uncertainty.

Recommendation

Proceed only subject to legal-pack review, inspection and a confirmed refurbishment budget. BTL or BRRR appears more suitable for investigation than a committed flip strategy, but the purchase price should remain subject to full cost underwriting.

Strategy Rating

Analysis Confidence

There are several recent same-road sold comparables and three advertised rental benchmarks, but the refurbishment scope, leasehold costs, property dimensions, final price and full acquisition/selling costs are unavailable.