84 North Circular Road, Neasden, London

Description

Situated on North Circular Road, close to local shopping/travelling facilities including Stonebridge Park Train Station (Bakerloo Line). Wembley Stadium and Roundwood Park are also nearby. A Semi-Detached House arranged as Five Letting Rooms with accommodation on Two Floors comprising: First Floor: Three Rooms; Ground Floor: Two Rooms. Garden at Rear. Flat 2 is let on an Assured Periodic Tenancy at £900 per calendar month. Producing £10,800 per annum from Flat 2 and Vacant Possession of Flats 1, 3, 4 and 5.

Accommodation

Five letting rooms over two floors: first floor with three rooms; ground floor with two rooms; garden at rear.

Location

Situated on North Circular Road, close to local shopping/travelling facilities including Stonebridge Park Train Station (Bakerloo Line). Wembley Stadium and Roundwood Park are also nearby.

Tenure / Property Information

Investment Analysis

The £200,000+ guide is the only current pricing indicator supplied. The two Land Registry comparables are materially historic, from 2000 and 2011, so they do not support a reliable current GDV. No sufficiently specific rental comparable or current valuation evidence is available. The property produces documented rent only from Flat 2, while Flats 1, 3, 4 and 5 are vacant.

Investment Snapshot

Strategy Recommendation

Proceed only after full legal, planning, condition and rental due diligence. On the supplied evidence, avoid underwriting the vacant rooms and do not bid on a BRRR or flip assumption.

Works Required

No specific defects or required works are evidenced. Inspect the five-room accommodation, communal areas, services, garden and vacant rooms before bidding; any refurbishment allowance remains unsupported.

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. Current GDV, refurbishment costs and achievable rents for the vacant accommodation are unsupported, so the potential refinance proceeds and cash left in cannot be calculated. The periodic tenancy and vacant possession status should be legally verified.

Buy-to-Let Analysis

The documented passing rent is £900 pcm (£10,800 annually) from Flat 2 only. At the £200,000 guide, this equates to a 5.4% gross yield before costs, but it is not a whole-property yield because four other flats are vacant. No reliable market rents are supplied for those vacant units, and operating, finance, compliance and maintenance costs are unavailable.

Flip Analysis

A flip surplus cannot be calculated because no current GDV, refurbishment budget or supported selling allowance is provided. The historic comparable evidence is insufficient for a current resale valuation.

Investor Risks & Due Diligence

• Income is documented for only one of five flats; four flats are vacant.

• No sufficiently specific rental evidence supports the achievable rent for the vacant flats.

• The two supplied comparable sales are historic and cannot reliably establish current market value.

• No condition survey or refurbishment cost evidence is provided.

• Seller fees may be payable under the special conditions, but the amount is not supplied.

• The legal status and compliance arrangements for the five letting rooms/flats, including the periodic tenancy, require verification.

Recommendation

Proceed only after full legal, planning, condition and rental due diligence. On the supplied evidence, avoid underwriting the vacant rooms and do not bid on a BRRR or flip assumption.

Strategy Rating

Analysis Confidence

Only one passing rent, no external rental evidence, no current comparable sales, no condition or works budget, no GDV evidence and no complete fee schedule are supplied.