64 Stepstairs Lane, Cirencester, Gloucestershire

Description

First floor self-contained flat with two bedrooms, presented in reasonable decorative order, close to St Michaels Park. Vacant.

Accommodation

Two bedrooms, Kitchen, Reception room, Bathroom, Separate WC

Location

Situated to the south side of Stepstairs Lane, close to the junction with School Lane. A well established residential area, convenient to the local amenities on Watermoor Road. Wider amenities can be found in Cirencester centre approximately 1 mile to the north. Transport: Swindon Station - National Rail.

Tenure / Property Information

Investment Analysis

The closest supplied evidence is same-lane leasehold flat sales at £135,000 and £136,000 in 2020–2021, with an older sale at £118,500 in 2017. A base GDV of £135,000 is used, but the comparables are historic and no current formal valuation is provided. The £850 pcm figure is an advertised asking rent, not achieved rent.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let acquisition at or near the guide, subject to confirming the asking rent, lease terms, service charges, condition and all auction costs. Do not rely on the apparent spread for a flip or BRRR without full cost and valuation due diligence.

Works Required

The flat is described as being in reasonable decorative order. Allow for inspection, compliance checks and any minor remedial or decorative works identified before completion; no priced scope is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the base GDV of £135,000, 75% refinancing equates to £101,250. The potential refinance exceeds the £95,000 guide by £6,250 before refurbishment, buyer fees, finance, tax and other costs. Cash left in cannot be calculated because the works allowance and applicable charges are unknown.

Buy-to-Let Analysis

At the £95,000 guide, the advertised £850 pcm rent implies annual gross rent of £10,200 and a gross yield of approximately 10.74% before finance, management, maintenance, leasehold and acquisition costs. The rent is only an asking-rent indication, and buyer fees and other charges are not stated, so net yield cannot be established.

Flip Analysis

A base GDV of £135,000 is supported by the supplied historic same-lane sales. A flip surplus cannot be calculated because refurbishment costs, buyer charges, selling costs and finance costs are not provided.

Investor Risks & Due Diligence

• Buyer premium amount is not stated and VAT may apply.

• Seller special conditions may include additional charges and seller-elected VAT on the sale price.

• The £850 pcm figure is an advertised asking rent rather than achieved or passing rent.

• Leasehold service charge, ground rent, remaining lease obligations and other lease terms are not supplied, although a new 125-year lease from completion is stated.

• EPC, council tax, parking and heating information are not supplied.

• The comparable sales are historic and may not reflect current market value.

• No detailed survey or priced works schedule is supplied beyond the description of reasonable decorative order.

Recommendation

Potential buy-to-let acquisition at or near the guide, subject to confirming the asking rent, lease terms, service charges, condition and all auction costs. Do not rely on the apparent spread for a flip or BRRR without full cost and valuation due diligence.

Strategy Rating

Analysis Confidence

Same-lane sold comparables, guide price and one rental listing are available, but the sales evidence is historic and key cost, leasehold, condition and property information is missing.