57 Beresford Avenue, Foleshill, Coventry, West Midlands

Description

Extended 3 bedroom end terraced property with 4 reception room plus 2 bathrooms. Requiring some improvements, the property benefits from a rear yard/off street parking and an external store (former garage). Popular residential area off Foleshill Road.

Accommodation

GROUND FLOOR: Porch; Hallway; Lounge: 13 ft 1o in max x 11 ft 11 in max; Dining room: 11 ft 11 in x 10 ft 10 in; Kitchen: 25 ft 3 in max x 13 ft 2 in max; Reception room 1: 10 ft 10 in x 8 ft 1 in; Reception room 2: 16 ft x 13 ft 4 in max; Rear lobby; Shower room; W.C. FIRST FLOOR: Bedroom 1: 11 ft 7 in x 10 ft 1 in; Bedroom 2: 12 ft 1 in x 10 ft 1 in max; Bedroom 3: 8 ft 8 in x 7 ft 5 in; Bathroom. OUTSIDE: Front: Paved area. Rear: Paved garden and store (former garage). On street parking and parking area to the rear.

Location

Popular residential area off Foleshill Road.

Tenure / Property Information

Investment Analysis

The latest supplied comparable is 31 Beresford Avenue at £224,000 in September 2022. Earlier same-street sales range from £115,000 to £157,000, but are materially older. Given the subject property's extension and stated need for some improvements, £224,000 is an indicative base GDV, subject to condition and current-market verification.

Investment Snapshot

Strategy Recommendation

Potential BTL acquisition only if bought below the guide range and survey/legal-pack review confirms manageable improvements and costs. Avoid relying on BRRR or flipping without better cost and valuation evidence.

Works Required

Complete the unspecified improvements noted by the auctioneer. The evidence does not identify particular defects or provide a reliable works budget, so a survey and legal-pack review are required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the base £224,000 GDV is £168,000, below the £185,000 guide midpoint before the £2,880 known charges, works and other costs. BRRR therefore appears weak at the guide midpoint unless acquired at a materially lower price or the achieved GDV exceeds the supplied evidence.

Buy-to-Let Analysis

Using the £185,000 guide midpoint and advertised asking rents of £1,175–£1,200 pcm, indicative gross yield is approximately 7.62%–7.78% before works, fees, voids, management, finance and tax. Buyer premium and admin charges total £2,880, with possible additional legal-pack costs. Rent evidence is asking rent only.

Flip Analysis

At the £185,000 guide midpoint, the £224,000 base GDV leaves £39,000 before buyer charges, refurbishment, finance, selling costs and taxes. No reliable refurbishment budget or selling allowance is supplied, so a flip surplus cannot be calculated reliably.

Investor Risks & Due Diligence

• Refurbishment requirements are unspecified, preventing a reliable works budget.

• The principal comparable completed in 2022 and may not reflect current value.

• Rental evidence comprises advertised asking rents rather than achieved rents.

• Additional legal-pack, search, seller-cost, transfer or disbursement charges may apply.

• Vacant possession means rent is not currently passing.

Recommendation

Potential BTL acquisition only if bought below the guide range and survey/legal-pack review confirms manageable improvements and costs. Avoid relying on BRRR or flipping without better cost and valuation evidence.

Strategy Rating

Analysis Confidence

There is one relatively recent same-street comparable and two rental asking examples, but no current completed sales, detailed condition report, refurbishment budget, achieved rent or complete fee schedule.