Flat 1, 10 Morpeth Street, Hull, East Riding of Yorkshire

Description

A spacious one-bedroom ground floor flat benefiting from UPVC double glazing and gas central heating. The accommodation comprises living room, kitchen, bedroom and bathroom. Conveniently located just 1 mile from Hull city centre, the property presents an ideal opportunity for owner-occupiers as well as investors following some refurbishment works.

Accommodation

Ground Floor: Communal Entrance Hall, Living Room, Kitchen, Bathroom, Bedroom.

Location

Conveniently located approximately 1 mile from Hull city centre.

Tenure / Property Information

Investment Analysis

Three supplied completed sales on Morpeth Street range from £25,500 to £31,000. Applying these as the available local evidence, a cautious low/base/high GDV range is £25,500/£30,000/£31,000. The comparables are flats/maisonettes but the evidence does not confirm their precise accommodation, condition, lease terms or similarity to Flat 1. The subject is described as requiring refurbishment, but no quantified scope or cost is supplied.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, refurbishment quotations and satisfactory legal-pack review. The low guide provides potential value against the supplied local sales, but the missing works budget and fees make a firm investment bid or flip appraisal unsuitable. It may suit an owner-occupier or cautious investor if the condition is acceptable.

Works Required

Refurbishment works are indicated by the description, but no specific defects or scope are provided. Obtain a survey, inspection and contractor quotations before bidding. Verify the new 990-year lease, peppercorn ground rent and all legal-pack requirements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £20,000 guide, the buyer premium would be £1,860 because the 1.2% calculation is below the stated minimum. A 75% refinance against the £30,000 base GDV would be £22,500. However, refurbishment costs, other special-condition fees and total acquisition costs are not supplied, so cash left in and refinance equity cannot be reliably calculated.

Buy-to-Let Analysis

The supplied advertised asking rent is £675 pcm, equivalent to £8,100 annually. Against the £20,000 guide this indicates a gross yield of 40.5%, before refurbishment, buyer premium, finance, management, maintenance, voids and other costs. The rent is an asking rent rather than achieved or passing rent, and the absence of refurbishment costs prevents a reliable net or total-cost yield assessment.

Flip Analysis

The supplied completed sales support a base GDV of £30,000, with a £25,500 to £31,000 evidence range. A flip surplus cannot be calculated because refurbishment costs, acquisition costs beyond the buyer premium, selling costs and any finance costs are not supplied.

Investor Risks & Due Diligence

• Refurbishment is mentioned but its scope and cost are unknown.

• The £675 pcm figure is an advertised asking rent, not achieved or passing rent.

• Buyer premium is subject to a £1,860 minimum at the £20,000 guide.

• Additional fees may be listed in the special conditions and are not supplied.

• The new lease and legal-pack terms require review before bidding.

• The comparable sales may not match the subject flat's condition, accommodation or lease terms.

Recommendation

Proceed only subject to inspection, refurbishment quotations and satisfactory legal-pack review. The low guide provides potential value against the supplied local sales, but the missing works budget and fees make a firm investment bid or flip appraisal unsuitable. It may suit an owner-occupier or cautious investor if the condition is acceptable.

Strategy Rating

Analysis Confidence

There are three nearby completed sales, one advertised rental and clear lease terms, but condition, refurbishment costs, EPC, council tax, exact comparable similarity, achieved rent and additional auction fees are unavailable.