81 Charles Street, Carlisle

Description

A two bedroom mid terrace house. Externally the property benefits from a rear yard. In need of modernisation. Vacant.

Accommodation

Ground Floor - Reception Room, Kitchen. First Floor - Two Bedrooms, Bathroom/WC.

Location

Located on Charles Street, between Edward Street and Fusehill Street. Amenities are available locally on London Road and Botchergate and the Saint Nicholas Gate Retail Park. A broad range of recreational amenities are available at Melbourne Park and in the nearby countryside. Transport Carlisle - Avanti West Coast / ScotRail / Transpennine Express / northern.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Charles Street range from £64,000 to £85,000, with the two most recent sales at £70,000 and £72,500. A base GDV of £72,500 is used, with a low scenario of £64,000 and high scenario of £85,000. The subject is described as requiring modernisation, but the comparables' condition and specification are not supplied, so this is an indicative range only.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, confirmation of the auction fee and seller charges, and a firm modernisation budget. The guide price shows attractive headline rental yield, but the investment case remains conditional until total costs and achievable rent are verified.

Works Required

Modernisation is required, but no detailed schedule of condition or defects is supplied. A proper inspection is needed before budgeting kitchen, bathroom, decoration, flooring or other works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because the refurbishment budget, buyer charges and finance costs are unavailable. The indicative base GDV is £72,500, but the 75% refinance figure and cash left in cannot be calculated without confirming the complete project cost and refinance assumptions.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £750 pcm, equivalent to £9,000 annually. This represents a gross yield of 20.0% against the £45,000 guide price before buyer fees, VAT if applicable, refurbishment, finance, management, maintenance and voids. A true yield on total project cost cannot be established because works and applicable charges are unknown. The advertised rent is not a passing or achieved rent.

Flip Analysis

The comparable sales support an indicative base GDV of £72,500, but no supported refurbishment allowance, auction charges or selling allowance is available. A reliable flip surplus and maximum purchase price therefore cannot be calculated.

Investor Risks & Due Diligence

• The extent and cost of the required modernisation are not supplied.

• The buyer's fee, VAT treatment and any seller's charges are not quantified.

• The £750 pcm figure is an advertised asking rent rather than an achieved or passing rent.

• The sold comparables' condition, floor area and specification are not supplied.

• The guide price excludes auction-related charges, so the headline 20.0% yield is not a net or total-cost yield.

Recommendation

Proceed only subject to inspection, confirmation of the auction fee and seller charges, and a firm modernisation budget. The guide price shows attractive headline rental yield, but the investment case remains conditional until total costs and achievable rent are verified.

Strategy Rating

Analysis Confidence

There are several relevant completed sales and one advertised rental, but the property's works scope, buyer/admin charges, achieved rent and comparable specifications are incomplete.