353 Nottingham Road, Nottingham, NG7 7EU

Description

A vacant freehold mid terraced property standing back from the road behind a foregarden. The property benefits from double glazing; however, it is in need of renovation.

Accommodation

Ground Floor: Hall, Two Reception Rooms, Kitchen. First Floor: Landing, Two Bedrooms, Bathroom/WC. Outside: Gardens.

Location

Standing back from the road behind a foregarden.

Tenure / Property Information

Investment Analysis

The evidence supports a broad indicative resale-value range of £95,000–£135,000 from same-road freehold terraced sales. The most recent supplied comparable sold for £99,000 in July 2024. As the subject property needs renovation and the comparable properties' condition is not provided, £99,000 is used as the base GDV, with the range treated as indicative rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only after inspection, legal-pack review and a fully costed renovation plan. Subject to acceptable works costs, a refurbish-and-hold strategy has supported rental evidence; avoid bidding on the basis of the headline yield alone.

Works Required

Renovation is required, but the supplied evidence does not specify the defects or scope. Obtain a full inspection and costing before bidding; no unsupported works allowance is assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £59,000 guide, the known purchase price plus the £2,700 administration charge is £61,700 before renovation and other costs. A 75% refinance of the £99,000 base GDV would be £74,250, but cash left in cannot be calculated without a supported refurbishment allowance and full cost position. The strategy is therefore highly dependent on the renovation budget and achieved valuation.

Buy-to-Let Analysis

The three supplied rental listings each advertise £650 pcm for two-bedroom houses, implying £7,800 annual gross rent. Against the £59,000 guide, the indicative gross yield is 13.22%, but this is based on asking rents and excludes the £2,700 administration charge, renovation costs, finance, taxation, maintenance, voids and other costs. A total-cost yield cannot be established because refurbishment costs are unknown.

Flip Analysis

A base GDV of £99,000 is indicated by the most recent same-road comparable, with supplied evidence ranging from £95,000 to £135,000. Flip surplus cannot be calculated because renovation costs, selling costs and other completion costs are not supplied. The property's stated need for renovation creates execution and valuation uncertainty.

Investor Risks & Due Diligence

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

• The £650 pcm figures are advertised asking rents rather than achieved rents.

• The £2,700 administration charge is payable, while additional special-condition costs are unknown.

• Comparable sale prices vary from £95,000 to £135,000 and their condition is not provided.

• EPC rating E may require consideration when planning the renovation and letting strategy.

Recommendation

Proceed only after inspection, legal-pack review and a fully costed renovation plan. Subject to acceptable works costs, a refurbish-and-hold strategy has supported rental evidence; avoid bidding on the basis of the headline yield alone.

Strategy Rating

Analysis Confidence

Same-road sold comparables, three advertised rents and the known administration charge are available, but property condition detail, refurbishment costs, full purchase costs, achieved rent evidence and comparable condition details are absent.