55 Ravenoak Drive, MANCHESTER, Lancashire

Description

Freehold semi-detached house with three bedrooms, two reception rooms, kitchen, bathroom/WC, front and rear gardens, and off-road parking.

Accommodation

First floor: Three bedrooms, bathroom/WC. Ground floor: Two reception rooms, kitchen. Outside: Front and rear garden, off-road parking.

Location

The property is located on Ravenoak Drive. Shopping amenities are available locally within Failsworth Town Centre, with a more comprehensive range of shops, bars and restaurants found within Manchester City Centre to the south west. Public transport links include Moston Train Station to the north west and local bus services. Road links include the M62 to the north and the M60 to the east. Recreational pursuits can be found at Higher Memorial Park to the north and Brookdale Park to the south west.

Tenure / Property Information

Investment Analysis

The strongest evidence is the same-street sale at £200,000 in September 2024 for a freehold semi-detached property. The guide of £210,000 is £10,000 above that latest comparable. Older same-street sales range from £115,000 to £139,950 but are materially less recent. A base GDV of £200,000 is therefore supported, but condition, specification and any differences between the comparables and subject property are unverified.

Investment Snapshot

Strategy Recommendation

Proceed only after inspection and legal review, and only at a materially negotiated price below the latest £200,000 comparable. On the supplied evidence, avoid bidding at or above the guide.

Works Required

No refurbishment defects or required works are evidenced. Obtain a full inspection and confirm heating, condition, legal title and any Special Conditions before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £200,000 base GDV, 75% refinancing would indicate £150,000 gross borrowing before lender costs and affordability assessment. The guide alone is already above the latest £200,000 comparable once the £1,800 documentation fee is included, while works and other completion charges are unknown. Cash left in and equity cannot therefore be reliably calculated.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £1,400 pcm, equivalent to £16,800 annually; it is not an achieved rent. This represents an 8.0% gross yield against the £210,000 guide, before finance, maintenance, voids, management, insurance, tax and acquisition costs. The gross yield on total cost cannot be established because refurbishment costs and any seller charges are unknown.

Flip Analysis

A flip is not supported on the supplied evidence. Buying at the £210,000 guide already exceeds the latest same-street comparable at £200,000, before the £1,800 documentation fee, works, finance, selling costs and any seller charges. No supported flip surplus can be calculated.

Investor Risks & Due Diligence

• Guide price is above the latest supplied same-street sale.

• The £1,800 buyer documentation fee reduces margin.

• Additional seller charges may apply under the Special Conditions of Sale.

• No property condition or refurbishment cost evidence is supplied.

• The £1,400 pcm figure is an advertised asking rent, not an achieved passing rent.

• Heating details require confirmation from the auction centre.

• Selling, finance, maintenance, void and management costs are not supplied.

Recommendation

Proceed only after inspection and legal review, and only at a materially negotiated price below the latest £200,000 comparable. On the supplied evidence, avoid bidding at or above the guide.

Strategy Rating

Analysis Confidence

A recent same-street sale and one advertised rent are available, but condition, achieved rent, refurbishment costs, seller charges, heating details and comparable property specifications are incomplete.