67A Eastleigh Road, Leicester, Leicestershire LE3 0DD

Description

A vacant one-bedroom first-floor self-contained flat with private entrance, lounge/open-plan fitted kitchen, double bedroom and bathroom. The auctioneer states electric heating, double glazing, traditional construction and approximately 108 years unexpired on the lease. Council Tax Band A is stated, while service charge and ground rent information are awaited in the auction particulars.

Location

Eastleigh Road lies close to Narborough Road in Leicester's LE3 area, with local shops, services, bus routes and access toward Leicester city centre. The location is established for smaller flats and rental accommodation.

Investment Analysis

Investment Snapshot

Property & Refurbishment

The flat appears to require mainly light-to-moderate cosmetic improvement and checks rather than wholesale reconstruction. Allow for decoration, flooring, kitchen/bathroom repairs, electrical/heating checks and general landlord compliance. An initial £8,000–£15,000 feasibility allowance is reasonable pending inspection.

Rental Analysis

The property is vacant. An HB/AI market-rent assumption of approximately £650–£775 pcm would imply £7,800–£9,300 per annum and a headline gross yield of about 15.6%–18.6% on the £50,000 guide. This must be verified against current local lettings and service-charge/ground-rent costs.

GDV / Resale Analysis

A reliable resale GDV has not been independently verified. The guide is low, but investors should not infer market value directly from it. Confirm recent LE3 one-bedroom flat sales, remaining lease term, service charge, ground rent and lender appetite before adopting a resale/refinance figure.

Properties Sold Within Approx. 5 Miles

No sufficiently specific recent sold comparables were independently verified during this appraisal. GDV should be confirmed against Land Registry/RICS comparable evidence before bidding.

Potential BRRR Position

Illustrative only: a £50,000 guide plus an initial £8,000–£15,000 improvement allowance gives £58,000–£65,000 before buyer's premium, administration charge, SDLT, legal and finance costs. Any refinance case should use a lender-confirmed value and verified rent rather than the guide-price discount alone.

Flip Analysis

The low guide may create an apparent resale margin, but the £1,560 inc VAT buyer's premium and £1,800 inc VAT administration charge are material relative to the purchase price. Legal, SDLT, works, finance and selling costs must be included before assessing a flip.

Investor Risks & Due Diligence

• Confirm the lease and exact unexpired term from the legal pack.




• Confirm service charge, ground rent and any planned major works.




• Allow for the £1,560 inc VAT buyer's premium and £1,800 inc VAT administration charge.




• Check lender criteria for the flat and any minimum-value restrictions.




• Verify achievable rent and resale value with current local evidence.

Recommendation

Preferred strategy: Long-Term Buy-to-Let after light refurbishment, subject to satisfactory lease and service-charge review. The low guide creates potentially strong headline yield, but fixed auction charges and leasehold costs are unusually significant at this price point.

Strategy Rating

Buy-to-Let: ★★★★☆

BRRR: ★★★☆☆

Flip: ★★★☆☆

Development: ★☆☆☆☆