60 Pica Cottages, Pica, Workington, CA14 4QA

Description

A two bedroom mid terrace house, plus additional attic room. Externally the property benefits from an enclosed rear yard. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance, Reception Room, Kitchen. First Floor - Two Bedrooms, Bathroom/WC. Second Floor - Attic Room.

Location

Situated in Pica, a small rural hamlet 5.5 miles south of Workington. Local shopping amenities can be found at Distington and to a greater extent in Workington. Well located for the leisure and recreational amenities of the Lake District National Park. Nearby road communications include the A595 and A66. Transport Harrington - Northern. Parton - Northern.

Tenure / Property Information

Investment Analysis

Completed sales in the same Pica Cottages terrace range from £38,000 to £70,000. The four lower sales are £38,000–£49,000, while the latest £70,000 sale is materially higher. Given the subject property is vacant and in need of modernisation, a cautious evidence-based scenario is £39,000 low, £49,000 base and £70,000 high. Comparable condition details are not supplied.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, confirmation of the auction buyer fee and a fully costed refurbishment plan. The low guide price supports further investigation, but the evidence is insufficient to set a reliable maximum bid or confirm a flip/BRRR profit.

Works Required

Modernisation is required, but the evidence does not specify the extent of works. A detailed inspection is needed before pricing kitchen, bathroom, decoration, flooring, services or any attic-room works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV scenario of £49,000, 75% refinance is £36,750. The strategy cannot be fully underwritten because the refurbishment allowance, buyer fee and total project cost are not supplied. The apparent guide-price discount may provide scope, but cash left in cannot be calculated reliably.

Buy-to-Let Analysis

The supplied advertised asking rent is £650 pcm, equating to £7,800 annually. This produces 31.2% gross yield against the £25,000 guide only, before the unstated buyer fee, refurbishment, finance, insurance, maintenance, voids and other costs. Yield on total cost cannot be established because refurbishment and buyer costs are unsupported, and the rent is an asking rent rather than achieved rent.

Flip Analysis

A potential resale range is indicated by completed same-terrace sales of £39,000–£70,000, with a base scenario of £49,000. Flip surplus cannot be calculated because refurbishment costs, the buyer fee and selling costs are unknown. The £70,000 sale should not be treated as the base outcome.

Investor Risks & Due Diligence

• Refurbishment scope and cost are not provided despite the property being described as needing modernisation.

• The auction buyer fee is not stated and is excluded from the guide price.

• Same-terrace completed sales range widely from £38,000 to £70,000.

• The £650 pcm figure is an advertised asking rent, not an achieved or passing rent.

• EPC rating is E.

• The attic room is described as an additional room, but no evidence confirms its use or bedroom status.

Recommendation

Proceed only subject to inspection, confirmation of the auction buyer fee and a fully costed refurbishment plan. The low guide price supports further investigation, but the evidence is insufficient to set a reliable maximum bid or confirm a flip/BRRR profit.

Strategy Rating

Analysis Confidence

There are several completed sales in the same terrace and one advertised rent, but refurbishment scope, buyer fee, property condition details, achieved rent and transaction costs are missing.