31 Westcroft Grove, Kings Norton, Birmingham, B38 8AT

Description

A vacant freehold mid terraced property. The property benefits from having gas fired central heating and double glazing however, it is in need of modernisation.

Accommodation

Ground Floor: Hallway, Reception Room, Kitchen, Utility Room. First Floor: Landing, Three Bedrooms, Bathroom/WC. Outside: Driveway and Gardens.

Location

A mid terraced property standing back from the road behind a driveway and foregarden.

Tenure / Property Information

Investment Analysis

The strongest evidence is the same-street freehold terraced sale at £100,000 in October 2023. The £65,000 sale from 2013 and £38,000 sale from 1999 are materially older and less useful. The subject requires modernisation, but no quantified works schedule or cost evidence is supplied. A base GDV of £100,000 is therefore used cautiously, subject to condition and legal-pack verification.

Investment Snapshot

Strategy Recommendation

Do not bid solely from the headline guide yield. First verify the legal pack, obtain a condition assessment and price the modernisation. Proceed only if the all-in cost and resale or refinance assumptions remain viable at a suitably cautious GDV.

Works Required

Modernisation is required, but the evidence does not specify the individual defects or scope. Obtain a survey, contractor quotations and the legal pack before budgeting; existing gas central heating and double glazing are noted.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the purchase price plus the stated administration charge is £42,700 before refurbishment and other costs. Applying 75% to the cautious £100,000 base GDV indicates potential refinancing of £75,000, but cash left in cannot be calculated because refurbishment and total project costs are unsupported. Actual lending will also depend on valuation and lender criteria.

Buy-to-Let Analysis

The supplied rental evidence is a £1,500 pcm advertised asking rent for a three-bedroom property in Kings Norton, not an achieved or subject-specific rent. On that evidence, annual gross rent is £18,000 and the gross yield on the £40,000 guide is 45%, before the £2,700 administration charge, refurbishment, finance, voids, management and other costs. A reliable net yield or total-cost yield cannot be established without refurbishment and other cost evidence.

Flip Analysis

The October 2023 same-street sale supports a cautious £100,000 resale benchmark, but the property needs modernisation and no works budget, selling allowance or other completion costs are supplied. A reliable flip surplus and maximum bid therefore cannot be calculated.

Investor Risks & Due Diligence

• The property is described as needing modernisation, but the scope and cost are unknown.

• The £1,500 pcm figure is an advertised area asking rent rather than achieved or subject-specific rent.

• The £100,000 GDV relies principally on one same-street sale and may not reflect the subject's condition.

• Additional special-condition costs, taxes and completion expenses are not supplied.

• Refinance proceeds are indicative only and depend on lender valuation and criteria.

• The legal pack and EPC have not been provided for review.

Recommendation

Do not bid solely from the headline guide yield. First verify the legal pack, obtain a condition assessment and price the modernisation. Proceed only if the all-in cost and resale or refinance assumptions remain viable at a suitably cautious GDV.

Strategy Rating

Analysis Confidence

A recent same-street sale and basic property description are available, but refurbishment costs, EPC details, legal-pack costs, achieved rent and subject-specific rental evidence are missing.