6 New Street, Carnforth, Cumbria

Description

Four bedroomed mid terrace property currently let to an established tenant wanting to stay at £800pcm. Close to the town centre, this property is over 3 floors with an upstairs bathroom and rear yard. Would suit the investor as it is currently let.

Accommodation

Ground Floor: Entrance Hall; Lounge 11'9 x 12'6; Dining Room 13'6 x 16'8; Kitchen 13'3 x 5'9. First Floor: Bedroom 16'3 x 11'9; Bedroom 9'3 x 16'9; Bathroom 9'9 x 7'1. Second Floor: Bedroom 15'6 x 9'6; Bedroom 15'6 x 9'6.

Location

Close to the town centre.

Tenure / Property Information

Investment Analysis

The five supplied HM Land Registry comparables on New Street sold between £120,000 and £152,500, averaging £142,000. They are completed sales from 2023 but do not provide bedroom, condition or specification details. A base GDV of £142,000 is therefore indicative only, with a supported evidence range of £120,000 to £152,500.

Investment Snapshot

Strategy Recommendation

Prioritise a buy-to-let approach, subject to confirming the tenancy, legal title, rent documentation, compliance and property condition. Do not bid above a separately calculated limit until missing costs and legal-pack obligations are established.

Works Required

No refurbishment works are evidenced. Allow for inspection and any works identified through the legal pack, survey and tenancy review; no numeric works allowance is supportable from the supplied information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £105,000 guide price, the stated rent provides a strong headline gross yield. A 75% refinance against the £142,000 base GDV would be £106,500, but a reliable cash-left-in calculation cannot be completed because refurbishment costs, disbursements, finance costs and other purchase costs are unknown. Legal-pack and tenancy review are essential before relying on the existing income.

Buy-to-Let Analysis

The property is currently let to an established tenant at the stated rent of £800 pcm, producing £9,600 annually. This equates to approximately 9.14% gross yield on the £105,000 guide price before the £1,500 minimum admin charge and any other costs. No external rental comparables were identified, and tenancy terms, management costs, compliance information and legal details are unavailable.

Flip Analysis

The supplied sales indicate a base GDV of £142,000, but refurbishment costs, selling costs and other project costs are unsupported. A reliable flip surplus and maximum bid therefore cannot be calculated. The property is currently tenanted, which may also affect vacant possession and resale strategy depending on the tenancy terms.

Investor Risks & Due Diligence

• Tenure, lease and other legal matters are stated to be subject to the legal pack and have not been supplied.

• The current tenancy terms, documentation and compliance status are not provided.

• No condition survey or refurbishment cost evidence is available.

• Additional disbursements, search fees, seller costs, legal fees and transfer fees may be payable.

• The comparable sales date from 2023 and do not include sufficient specification or condition detail for a precise valuation.

• No sufficiently specific external rental comparable was identified.

Recommendation

Prioritise a buy-to-let approach, subject to confirming the tenancy, legal title, rent documentation, compliance and property condition. Do not bid above a separately calculated limit until missing costs and legal-pack obligations are established.

Strategy Rating

Analysis Confidence

There are five same-street completed sales and a stated current rent, but the comparable property details, legal tenure, tenancy terms, condition, EPC, operating costs and additional auction charges are incomplete.