38 St Olaves Road, East Ham, London

Description

A three bedroom terraced house, benefitting from a rear garden. In need of updating. Investment let at £19,200 per annum.

Accommodation

Ground Floor - Living Room, Dining Room, Kitchen. First Floor - Three Bedrooms, Bathroom/WC.

Location

Located on St Olaves Road, accessed off Kempton Road and Barking Road. A range of shopping amenities are available conveniently close by in the centre of East Ham and Barking. The recreational amenities of Barking Road Recreation Ground and Central Park are nearby. Road links via the A406. Transport: East Ham - Circle Line; Barking - Overground, National Rail, Circle Line.

Tenure / Property Information

Investment Analysis

Same-street completed sales range from £395,000 to £517,000, with the most recent supplied sale at £517,000 in July 2024. The property is described as needing updating, but no floor area, detailed condition survey or comparable property-condition evidence is supplied. A GDV estimate of £517,000 is therefore indicative only, with a cautious evidence range of £460,000–£517,000.

Investment Snapshot

Strategy Recommendation

Investigate the tenancy, inspect the updating requirement and obtain the full Special Conditions before bidding. The property may suit a buy-to-let strategy if the £19,200 rent is verified and total costs remain acceptable; a flip or BRRRR case is presently unquantifiable.

Works Required

Updating is required, but the evidence does not specify the extent of works. A detailed inspection should establish the required scope and cost before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £517,000 base GDV, 75% refinance would be approximately £387,750. However, purchase costs, refurbishment costs and finance-related costs cannot be established, so cash required and cash left in cannot be calculated. The stated updating requirement and missing condition detail create significant uncertainty.

Buy-to-Let Analysis

The stated investment rent is £19,200 per annum, equivalent to £1,600 pcm. At the £350,000 guide, the gross yield is approximately 5.49%. A yield on total cost cannot be established because refurbishment costs, the buyer premium and any applicable VAT or seller charges are not stated. The rent is stated as an investment let rather than supported by external rental comparables.

Flip Analysis

The supplied same-street sales indicate potential resale values between £460,000 and £517,000 based on the selected cautious range. A flip surplus cannot be calculated because refurbishment costs, buyer premium, VAT and other sale or purchase charges are unavailable. The guide-to-GDV spread should not be treated as profit.

Investor Risks & Due Diligence

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

• The buyer premium amount is not stated, and VAT or seller charges may apply under the Special Conditions.

• The stated £19,200 annual rent is not supported by external rental comparables or tenancy details.

• The selected GDV evidence includes sales with different dates and no supplied information on size, specification or condition.

• The property is investment let, so vacant possession, tenancy terms and rent verification should be checked before bidding.

Recommendation

Investigate the tenancy, inspect the updating requirement and obtain the full Special Conditions before bidding. The property may suit a buy-to-let strategy if the £19,200 rent is verified and total costs remain acceptable; a flip or BRRRR case is presently unquantifiable.

Strategy Rating

Analysis Confidence

There are five same-street completed sales and a stated passing rent, but no floor area, detailed condition, refurbishment budget, EPC, buyer premium, VAT or other transaction-cost figures.