31 Newcomen Street, Hull, North Humberside

Description

Vacant freehold detached house situated in a well-established and popular residential area. GIA approximately 57.7 sq m (621 sq ft).

Accommodation

Ground floor: reception room and kitchen. First floor: two bedrooms and bathroom with WC. Garden to the rear.

Location

Situated in a well-established and popular residential area. The property is within easy reach of local shops, schools and amenities. Excellent transport links offering convenient access to surrounding areas.

Tenure / Property Information

Investment Analysis

The supplied comparables are detached freehold sales on Newcomen Street at £150,250 in 2016 and £160,000 in 2020, but there is no newer evidence or condition information. A cautious evidence-based GDV range is £150,250–£160,000, with a base estimate of £155,000. The subject’s 621 sq ft size and vacant status are known, but its condition is not.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let or BRRR candidate at the £80,000 guide based on the advertised rent evidence, but proceed only after confirming condition, achievable rent, title and all Special Conditions charges. Do not set a reliable maximum bid without refurbishment and transaction-cost information.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a full survey and inspect the kitchen, bathroom, services, roof, windows, heating, decoration and garden before specifying works; any allowance remains unsupported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV estimate, 75% refinance proceeds would be approximately £116,250. However, refurbishment costs, buyer or administrative charges, finance costs and total project cost are not supplied, so cash left in and equity cannot be calculated reliably.

Buy-to-Let Analysis

The supplied advertised asking rents are £625–£650 pcm, equivalent to £7,500–£7,800 annually; the midpoint is £7,650 annually. Against the £80,000 guide, the gross yield range is approximately 9.38%–9.75%, before finance, management, maintenance, voids, insurance, tax and acquisition costs. These are asking rents rather than achieved rents, and condition-related costs are unknown.

Flip Analysis

The supplied detached comparables support a cautious GDV range of £150,250–£160,000, with a £155,000 base case. A flip surplus cannot be calculated because works, acquisition costs, finance costs and selling costs are unsupported.

Investor Risks & Due Diligence

• Comparable sales are dated, with the latest supplied sale completing in 2020.

• Rental evidence comprises advertised asking rents rather than achieved rents.

• Property condition and required refurbishment are not evidenced.

• Buyer, administration, seller and other third-party charges are not quantified.

• No EPC, heating, parking, council tax or service information is supplied.

• Vacant possession is stated, but void, letting and compliance costs are not provided.

Recommendation

Potential buy-to-let or BRRR candidate at the £80,000 guide based on the advertised rent evidence, but proceed only after confirming condition, achievable rent, title and all Special Conditions charges. Do not set a reliable maximum bid without refurbishment and transaction-cost information.

Strategy Rating

Analysis Confidence

The evidence includes same-street detached freehold sales, guide price and local advertised rents, but the sales are dated, rents are asking figures, and condition, EPC, services, fees and refurbishment costs are not supplied.