43 Kirby Road, Leicester, Leicestershire LE3 6BD

Description

A substantial freehold three-storey terraced villa converted into two self-contained flats with separate meters and independent services. The ground-floor one-bedroom flat is let at £5,400 per annum and the first-floor two-bedroom duplex is let at £6,600 per annum, giving an auctioneer-published combined income of £12,000 per annum. The auctioneer notes scope to increase rents in line with the current market.

Location

Kirby Road is in Leicester's LE3 area, west of the city centre, with access to local shops, schools, public transport and major routes into central Leicester. The established residential location should support demand for smaller self-contained rental accommodation.

Investment Analysis

Investment Snapshot

Property & Refurbishment

The property appears occupied and functional but should be assessed for deferred maintenance, decoration, kitchens/bathrooms, heating and compliance. An initial allowance of £10,000–£20,000 is sensible for phased improvements, subject to access, survey and quotations.

Rental Analysis

The auctioneer-published rent is £12,000 per annum, giving approximately 8.9% gross on the £135,000 guide. An HB/AI combined market-rent appraisal of roughly £1,450–£1,650 pcm would imply £17,400–£19,800 per annum, but this must be verified with local evidence and tenancy constraints before bidding.

GDV / Resale Analysis

A reliable post-upgrade GDV has not been independently verified. Value will depend on the legal conversion, condition and whether the flats have separate titles or are held within one freehold. Investors should obtain comparable evidence for both whole-block and individual-flat values before adopting a refinance or resale figure.

Properties Sold Within Approx. 5 Miles

No sufficiently specific recent sold comparables were independently verified during this appraisal. GDV should be confirmed against Land Registry/RICS comparable evidence before bidding.

Investor Risks & Due Diligence

• Review both tenancy agreements and confirm deposits and payment history.




• Confirm planning/building-regulation status of the conversion.




• Check fire separation, alarms and landlord compliance.




• Inspect visible cracking/condition and obtain survey advice where necessary.




• Confirm whether the flats have separate titles and lender acceptability.

Recommendation

Preferred strategy: Long-Term Buy-to-Let / Rent Optimisation. The existing income provides a base yield, with potential upside if rents can be moved toward verified market levels and the property remains compliant and mortgageable.

Strategy Rating

Buy-to-Let: ★★★★★

BRRR: ★★★★☆

Flip: ★★★☆☆

Development: ★★☆☆☆