35 Devon Street, Nottingham, Nottinghamshire

Description

Vacant freehold mid terrace house with a rear garden and GIA approximately 80.1 sq m (862 sq ft). By order of a Housing Association.

Accommodation

Ground floor: reception room, dining room through to kitchen. First floor: two bedrooms, bathroom. Second floor: further bedroom. Rear garden.

Location

Situated on the north east side of Devon Street. The shops and amenities of Nottingham city centre are to the west. Nottingham rail station is approximately 1.2 miles towards the south west. The A60 is to the south west. King Edward Park is to the south west.

Tenure / Property Information

Investment Analysis

Same-street completed sales provide a broad evidence range: £146,000 at 11 Devon Street and £180,000 at 6 Devon Street, both in 2023. A base GDV of £163,000 uses the midpoint of these two recent comparables. The £105,000 2020 sale and older evidence indicate material historic variation. No condition evidence is supplied, so the GDV is not adjusted for refurbishment requirements.

Investment Snapshot

Strategy Recommendation

Conditional BTL/BRRR investigation only. Do not set a bid ceiling until the property condition, special conditions, fees, achievable rent and total project costs are verified.

Works Required

No specific defects or required works are evidenced. Obtain a full inspection and budget only confirmed items; the property description confirms a rear garden, kitchen, bathroom and three-bedroom layout but does not establish their condition.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £90,000 guide, 75% of the base GDV would be approximately £122,250. The apparent gross valuation margin is positive, but cash left in cannot be calculated because works and known acquisition costs are not supplied. Refinance viability depends on condition, valuation, lender criteria and achievable rent.

Buy-to-Let Analysis

The sole rental evidence is an advertised asking rent of £1,612 pcm, equivalent to £19,344 annually. Against the £90,000 guide, this indicates a gross yield of approximately 21.49%, but this is not an achieved rent and total-cost yield cannot be established because refurbishment, fees and other purchase costs are unavailable.

Flip Analysis

The base GDV is estimated at £163,000 from the two 2023 same-street sales. A flip surplus cannot be calculated because refurbishment costs, buyer costs and supported selling costs are unavailable. The wide comparable range and unknown condition require caution.

Investor Risks & Due Diligence

• Property condition and refurbishment requirements are not evidenced.

• The comparable sales vary materially in price, creating GDV uncertainty.

• The £1,612 pcm figure is an advertised asking rent rather than achieved or passing rent.

• Buyer premium, administration charges and other seller or third-party costs are unspecified.

• EPC, council tax, heating and parking information are unavailable.

• Auction special conditions and addendum may contain additional obligations or charges.

Recommendation

Conditional BTL/BRRR investigation only. Do not set a bid ceiling until the property condition, special conditions, fees, achievable rent and total project costs are verified.

Strategy Rating

Analysis Confidence

Recent same-street completed sales and one rental asking figure are available, but property condition, EPC, costs, fees, achieved rent and auction special-condition charges are not supplied.