60 Lockhurst Lane, Longford, Coventry, West Midlands

Description

2 bedroom plus loft room, 3 storey, mid terrace property with 2 reception rooms. Ready to move into. Located on Lockhurst Lane, off Foleshill Road in northern Coventry. Ideal investment opportunity.

Accommodation

GROUND FLOOR: Reception room 1: 14 ft 1 in x 10 ft 4 in max; Reception room 2: 14 ft 4 in x 12 ft 1 in max; Kitchen: 10 ft 7 in x 6 ft; Bathroom. FIRST FLOOR: Bedroom 1: 12 ft 1 in x 10 ft 3 in max; Bedroom 2: 10 ft 3 in x 8 ft 9 in. SECOND FLOOR: Loft room: 14 ft 7 in x 10 ft 4 in max. OUTSIDE: Garden to the rear.

Location

Located on Lockhurst Lane, off Foleshill Road in northern Coventry.

Tenure / Property Information

Investment Analysis

Recent same-road sales range from £87,000 to £125,000, with the subject recorded at £145,000 in 2023. A base GDV of £145,000 is supportable, although the range of evidence indicates valuation uncertainty.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let at or near the lower guide, subject to legal-pack review, achieved-rent verification and inspection. Avoid relying on the loft room as a formal bedroom without confirmation.

Works Required

The property is described as ready to move into, so no specific refurbishment is evidenced. Allowance excludes any defects or legal-pack issues not supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £100,000 purchase, no evidenced works allowance and £2,640 stated charges, total known cost is £102,640. A 75% refinance against the £145,000 base GDV would be £108,750, indicating approximately £6,110 cash released before finance, tax and any further costs. Actual lending depends on valuation and underwriting.

Buy-to-Let Analysis

Using the midpoint of the two advertised asking rents (£1,200 pcm), annual rent is £14,400. At the £100,000 lower guide plus stated £2,640 buyer and admin charges, gross yield is approximately 14.0% before finance, management, maintenance and other costs. Advertised rents are not achieved rents.

Flip Analysis

The base GDV of £145,000 gives gross headroom of £42,360 over the £102,640 known project cost, before selling costs, finance, tax and undisclosed legal-pack charges. A true flip surplus cannot be calculated because no selling allowance is supplied.

Investor Risks & Due Diligence

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

• Rental figures are advertised asking rents rather than achieved rents.

• The loft room may not have the same valuation or bedroom status as the stated accommodation.

• The property has vacant possession and no passing rental income.

• On-street parking only.

• Comparable prices vary materially, creating GDV uncertainty.

Recommendation

Potential buy-to-let at or near the lower guide, subject to legal-pack review, achieved-rent verification and inspection. Avoid relying on the loft room as a formal bedroom without confirmation.

Strategy Rating

Analysis Confidence

Strong same-road sold-price evidence and two rental asking-rent indicators are available, but condition inspection, legal-pack costs, achieved rent and formal loft-room status are not supplied.