4 Peter Paine Close, Butterwick, Boston, Lincolnshire

Description

An excellent opportunity to acquire this two-bedroom semi-detached property in a residential cul-de-sac in Butterwick, near Boston. The property offers generous off-road parking, a detached garage and an enclosed rear garden. It requires further refurbishment and modernisation, with some works commenced but incomplete.

Accommodation

Approximately 923 sq. ft. (85.8 sq. m.) according to the floorplan, comprising an entrance hallway, spacious lounge with feature fireplace and French doors opening onto the rear garden, fitted kitchen, utility room and ground-floor WC. The first floor comprises two bedrooms, a family bathroom and additional storage space.

Location

Situated in the popular village of Butterwick, approximately four miles east of Boston, offering a semi-rural setting with convenient access to local amenities, schools and transport connections. Boston town centre provides shops, supermarkets, restaurants and leisure facilities.

Tenure / Property Information

Investment Analysis

The closest evidence is on the same cul-de-sac: £172,000 for 18 Peter Paine Close in May 2022, with earlier sales ranging from £118,000 to £142,000 between 2016 and 2019. Allowing for the subject's approximately 923 sq. ft. accommodation, garage and parking, but also its incomplete refurbishment, an indicative base GDV of £160,000 is used. The evidence is dated and no condition-adjusted current valuation is supplied.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led BTL or resale opportunity, but proceed only after inspection, legal due diligence and firm refurbishment quotations. Do not rely on the guide-price yield or set a bid ceiling until all costs are known.

Works Required

Complete the commenced refurbishment and modernisation, including only works confirmed by inspection and quotations. Review the kitchen, utility room, WC, bathroom, decoration, flooring, fixtures and services as part of due diligence; the supplied evidence does not quantify the required works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £160,000 base GDV, 75% refinancing would equate to approximately £120,000. Whether this releases capital or leaves cash in the project cannot be calculated because refurbishment costs, additional auction charges and other project costs are unknown. The known £3,600 administration charge should be included in any completed appraisal.

Buy-to-Let Analysis

The supplied rental listing indicates £815 pcm, equivalent to £9,780 annually. Against the £65,000 guide, this is a gross yield of approximately 15.05%. A yield on total project cost cannot be established because refurbishment costs and potentially payable auction charges are not fully quantified. The rent is advertised asking rent, not achieved or guaranteed rent.

Flip Analysis

The evidence supports an indicative GDV range of £140,000 to £172,000, with £160,000 used as base GDV. A reliable flip surplus or maximum bid cannot be calculated because the refurbishment scope, cost, selling costs and other auction charges are not supplied.

Investor Risks & Due Diligence

• Refurbishment is incomplete and the required scope and cost are not quantified.

• Additional auction charges may include search, seller-cost reimbursement, legal and transfer fees.

• The £815 pcm figure is an advertised asking rent rather than achieved or passing rent.

• Sold comparables are dated between 2016 and 2022 and may not reflect current market value.

• The £65,000 guide is not a confirmed purchase price and the auction outcome is unknown.

Recommendation

Potential refurbishment-led BTL or resale opportunity, but proceed only after inspection, legal due diligence and firm refurbishment quotations. Do not rely on the guide-price yield or set a bid ceiling until all costs are known.

Strategy Rating

Analysis Confidence

The property description, same-close sold evidence, guide, known administration charge and one advertised rent are supplied, but the sales evidence is dated and refurbishment costs, full fees, current condition and achieved rent are unavailable.