38 Sheep Way Redhouse Park, Milton Keynes, Buckinghamshire, MK14 5FP

Description

** SPACIOUS MODERN TWO BED FLAT IN REDHOUSE PARK ** GOOD DECORATIVE ORDER ** OFFERS CLOSE TO 11 % GROSS YIELD AT GUIDE ** 871 SQFT OF SPACE AND LONG LEASE ** This spacious and modern first-floor flat offers over 870 sq ft of well-proportioned accommodation and is presented in good decorative order throughout, making it an ideal investment opportunity. The property offers an estimated rental income of approximately £1,250 per calendar month and a gross rental yield of close to 11% based on the guide price. Features include a Juliet balcony, gas central heating, double glazing allocated parking and an unexpired lease term of 107 years. Situated in the sought-after Redhouse Park area, the property is conveniently located just a few miles from Milton Keynes Central and its wide range of shopping, leisure and transport amenities. INSIDE COMMUNAL ENTRANCE With intercom and stairs to all floors ENTRANCE HALL Intercom receiver, laminate floor, cupboard housing gas boiler, radiator, door to LOUNGE 19'0 X 14'0 Double glazed windows, double glazed door to juliet balcony, radiator. KITCHEN 17'6 X 6'5 Double glazed window, a range of high gloss units, with stainless steel sink, integrated oven, hob, filter hood and washing machine. Radiator. BEDROOM ONE 14'0 X 9'0 Double glazed window, radiator BEDROOM TWO 14'0 X 9'0 Double glazed window, radiator BATHROOM 7'0 X 6'5 Double glazed window, bath, sink, wc, tiled to splash areas, heated towel rail. OUTSIDE RESIDENT CAR PARK With gated entry and one allocated parking space LEASE DETAILS 125 Year lease term with 107 years unexpired. SERVICE CHARGES AND GROUND RENT. The client informs us the annual service & estates charges are £2596 PA with a ground rent of £359.PA This is intended as a guide, please refer to the legal pack for further clarification. Tenure: Leasehold

Accommodation

The supplied particulars indicate approximately 2 bedroom accommodation. Room layout, floor areas and dimensions should be confirmed from the auctioneer particulars, floor plan and inspection.

Location

Located in Milton Keynes, Buckinghamshire. Investor due diligence should test local transport, employment, amenities and tenant demand at the exact micro-location. Cross-check the postcode and legal title before bidding.

Investment Analysis

The figures below separate auctioneer/source facts from HB indicative estimates. HB figures are screening assumptions only and are not a RICS valuation, contractor quotation or lending decision.

Investment Snapshot

Strategy Recommendation

The initial strategy should be tested against condition, legal structure, works, rental evidence and comparable values before setting a maximum bid. The screening case depends on achieving a sufficient margin or sustainable income after all acquisition and holding costs.

Works Required

• Review complete building/property condition

• Electrical and heating inspection

• Allow for decoration and repairs where required

Rental & Market Context

HB screening rent is approximately £600–£850 pcm (£7,200–£10,200 pa). Replace this with current local letting evidence. The source also indicates published income of about £15,000 pa, which should be verified against tenancy documents.

Sold within approximately 5 miles

Reliable sold-property comparables were not collected from the supplied scrape. Check recent Land Registry evidence and closely comparable sold listings within approximately five miles, prioritising the same property type, size, tenure and condition.

Potential BRRR Position

Illustrative 75% refinance on the HB indicative value range is about £101,250–£117,000 against purchase + works of approximately £131,000–£140,000. Actual refinance depends on valuation, works, finance costs, rental stress testing and lender criteria.

Flip Analysis

The initial gross value spread is approximately £-5,000–£25,000 before acquisition/disposal costs. This is not profit and excludes SDLT, auction/admin fees, legal costs, finance, holding costs, insurance, utilities, professional fees, selling fees, contingency and tax.

Investor Risks & Due Diligence

• Review legal pack, title and special conditions

• Confirm auction fees and completion period

• Obtain survey and works quotations

• Verify finance before bidding

• Check rental and sold comparable evidence

• Verify tenancy agreement, deposits, rent schedule and compliance

Recommendation

Initial recommendation: Buy-to-Let / Income Investment. Proceed only if the legal pack, condition, costs and local evidence support the required margin/yield. Treat the guide as a starting point rather than a valuation and set a disciplined maximum bid after due diligence.

Strategy Rating

• Buy-to-Let: ★★★★☆

• BRRR: ★★★☆☆

• Flip: ★★★☆☆