64 Bank Street, Cannock, Staffordshire, WS12 2ET

Description

A vacant freehold double fronted semi detached property. The property stands back from the road behind a foregarden and is in need of modernisation works.

Accommodation

Ground Floor: Hall, Two Reception Rooms, Kitchen, Understairs Store, Bathroom/WC, Utility. First Floor: Landing, Two Bedrooms. Outside: Gardens.

Location

The property stands back from the road behind a foregarden.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Bank Street range from £117,500 to £168,000, although they are from 2014, 2020 and 2022 and no condition or specification details are provided. The most recent comparable, 28 Bank Street, sold for £125,000 in August 2022. A cautious evidence-based base GDV of £125,000 is used, with £117,500 as a low scenario and £168,000 as a high scenario. These are indicative scenarios, not formal valuations, and no market-time adjustment has been applied.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional refurbishment-led purchase after inspection, contractor pricing and legal-pack review. Do not rely on the headline GDV spread until the works and all completion costs are known.

Works Required

Modernisation works are required, but the evidence does not specify the scope. Obtain a detailed inspection and quotations before budgeting; the EPC is E and the property has gas central heating, but no specific defects are evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV scenario of £125,000, 75% refinance is £93,750. However, the required modernisation budget, total acquisition cost and finance costs are unavailable, so cash left in and the viability of refinancing cannot be established. The strategy would require a survey, works quotations and confirmation of the legal-pack costs.

Buy-to-Let Analysis

The two advertised 2-bedroom rents are £895 and £995 pcm; these are asking rents rather than achieved rents. Using the lower £895 pcm evidence gives annual rent of £10,740 and a gross yield of 21.48% against the £50,000 guide price before works, finance, taxes and other costs. A true yield on total cost cannot be established because refurbishment costs and any additional completion costs are unknown.

Flip Analysis

The evidence indicates a potential refurbishment-led resale opportunity, with a base GDV of £125,000 against the £50,000 guide. However, the property needs modernisation, refurbishment costs are unknown, and no selling-cost allowance or complete special-conditions cost schedule is supplied. A reliable flip surplus and maximum bid therefore cannot be calculated.

Investor Risks & Due Diligence

• The property is explicitly in need of modernisation, but the scale and cost of works are unknown.

• EPC rating E may indicate a need for future energy-efficiency improvements, although no specific remedial works are evidenced.

• Rental figures are advertised asking rents and may not be achieved.

• Comparable sales are from different years and no condition or specification details are provided.

• The £2,700 administration charge is known, but additional special-condition costs are not supplied.

• Vacant possession means there is no existing passing rental income.

Recommendation

Proceed only as a conditional refurbishment-led purchase after inspection, contractor pricing and legal-pack review. Do not rely on the headline GDV spread until the works and all completion costs are known.

Strategy Rating

Analysis Confidence

There is useful same-street sold-price evidence, advertised rental evidence and a stated guide price, but refurbishment scope, works costs, parking details, additional legal-pack costs and achieved rent evidence are absent.