74 Solent Gardens, Freshwater, Isle of Wight

Description

A three bedroom mid terrace house benefitting from front and rear garden. In need of modernisation throughout. Vacant.

Accommodation

Ground Floor - Lounge, Kitchen/Dining Area, WC; First Floor - Three bedrooms, Bathroom

Location

Freshwater is a large village at the western end of the Isle of Wight. Solent Gardens can be accessed via Colwell Lane. Freshwater has local amenities including cafes, shops, supermarkets and pubs. Recreational amenities include Totland Pier, West Wight Sports and Community Centre, Golden Hill Fort County Park and Freshwater Bay Golf Club. Transport: Freshwater Fire Station - Island Coaster and Needles Breezer.

Tenure / Property Information

Investment Analysis

The strongest supplied comparable is 62 Solent Gardens at £200,000 in December 2024. Other Solent Gardens sales range from £146,000 to £175,000 between 2015 and 2017. A base GDV of £200,000 is used as an indicative estimate, but the comparables are not confirmed as identical in size or condition and the subject requires modernisation throughout.

Investment Snapshot

Strategy Recommendation

Potential BTL or BRRR candidate at the guide only if the legal pack, solar-panel lease and a detailed inspection support the purchase and the full modernisation cost is quantified before bidding.

Works Required

Modernisation throughout, based on the auction description. The evidence does not specify which installations, finishes or components require work, so no reliable refurbishment budget can be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, 75% of the indicative £200,000 base GDV is £150,000. However, the refurbishment cost, buyer fee, seller charges and total project cost are unknown, so cash required, refinance surplus and whether the project recycles capital cannot be established.

Buy-to-Let Analysis

The supplied advertised asking rent of £1,625 pcm equates to £19,500 annually and a headline gross yield of 15.6% against the £125,000 guide. This is based on one advertised asking rent, not an achieved rent, and excludes refurbishment, finance, buyer and seller charges, maintenance, voids and other operating costs. Net yield cannot be established.

Flip Analysis

The indicative base GDV is £200,000, but no supported refurbishment allowance, acquisition costs or selling allowance is available. A reliable flip surplus and maximum bid therefore cannot be calculated. The £75,000 difference between guide and base GDV is not a profit estimate.

Investor Risks & Due Diligence

• The property is described as needing modernisation throughout, but no detailed schedule or cost evidence is supplied.

• The solar panels are leased; the lease terms and financial obligations require review in the legal pack.

• The buyer fee is not stated and seller charges or VAT may apply under the Special Conditions of Sale.

• The rental evidence is one advertised asking rent rather than an achieved passing rent.

• The property is vacant, so the quoted rent is not a current passing income.

• Parking, heating and council tax information are not supplied.

Recommendation

Potential BTL or BRRR candidate at the guide only if the legal pack, solar-panel lease and a detailed inspection support the purchase and the full modernisation cost is quantified before bidding.

Strategy Rating

Analysis Confidence

There is useful same-estate sold evidence and one advertised rent, but the subject's exact condition, refurbishment cost, buyer fee, seller charges, solar lease obligations and achieved rental level are unknown.