62 Monarch Parade, London Road, Mitcham

Description

A self-contained third-floor flat requiring modernisation in a purpose-built block.

Accommodation

Entrance Hall; Living Room; Kitchen; Bedroom (One); Bedroom (Two); Bathroom/WC.

Location

Situated on London Road, close to local shopping and travelling facilities including Mitcham Eastfields and Tooting Train Stations. Figge’s Marsh and Mitcham Common are also nearby.

Tenure / Property Information

Investment Analysis

Five supplied Land Registry comparables in the same parade sold for £175,000–£230,000 between December 2021 and September 2022. A base GDV of £190,500 is used, reflecting the £190,500 sale of 61 Monarch Parade, while recognising that the evidence is historic and does not confirm size, specification or condition relative to 62 Monarch Parade.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, confirmation of leasehold charges and review of the special conditions. The low guide relative to the supplied historic comparables is potentially attractive, but the missing refurbishment, rental and cost evidence prevents a firm BTL, BRRR or flip recommendation.

Works Required

Modernisation of the self-contained two-bedroom flat. The supplied evidence does not identify specific defects, required trades or a reliable refurbishment budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £75,000 guide, the indicative 75% refinance against the £190,500 base GDV would be £142,875 before finance, tax and other costs. However, the refurbishment budget, rent, leasehold costs and total project cost are unknown, so cash extraction and viability cannot be confirmed.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Refurbishment costs, leasehold charges and other property costs are also unknown.

Flip Analysis

The supplied comparable evidence indicates a broad resale value range of £175,000–£230,000, with a £190,500 base case. A flip surplus cannot be calculated because refurbishment costs, selling costs and total project costs are unsupported.

Investor Risks & Due Diligence

• The flat requires modernisation, but the scope and cost of works are unknown.

• Rental income and yield cannot be established from the supplied evidence.

• The comparable sales are from 2021–2022 and may not represent current value.

• The supplied evidence does not confirm the flat's size, specification or condition relative to the comparables.

• Additional seller fees may be payable under the special conditions of sale.

• EPC rating E may require consideration when assessing future letting or improvement requirements.

Recommendation

Proceed only subject to inspection, confirmation of leasehold charges and review of the special conditions. The low guide relative to the supplied historic comparables is potentially attractive, but the missing refurbishment, rental and cost evidence prevents a firm BTL, BRRR or flip recommendation.

Strategy Rating

Analysis Confidence

Same-parade sold comparables and lease information are supplied, but the sales are historic and there is no size, condition detail, refurbishment budget, rental evidence, leasehold cost information or confirmed selling-cost allowance.