Flat 1, 21, Constitution Hill, Ipswich, Suffolk

Description

Leasehold ground and first floor flat.

Accommodation

First floor: reception room, kitchen, bathroom/WC. Ground floor: two bedrooms.

Location

Located on Constitution Hill. Shopping amenities are available locally within Ipswich Town Centre. Public transport links are available at Ipswich Train Station to the south west and Westerfield Train Station to the north east, along with local bus services. Road links include the A1214 to the north. Christchurch Park is to the south east.

Tenure / Property Information

Investment Analysis

The supplied Land Registry comparables are for the same address and range from £120,000 to £160,000, with the latest supplied sale at £120,000 in August 2022. Using the latest comparable as the base scenario, estimated GDV is £120,000. The wider evidence-supported range is £120,000–£160,000, but the sales are historic and no current valuation evidence is supplied. The £695 pcm figure is an advertised asking rent, not an achieved rent. Service charge, ground rent, parking, heating and any seller fees remain unknown.

Investment Snapshot

Strategy Recommendation

Proceed only as a cautious rental-led purchase if leasehold charges, seller fees, condition and achieved rent are verified. The historic comparable evidence gives limited support for value, while the BRRR and flip margins are thin before unquantified costs.

Works Required

No physical works are evidenced. Obtain a survey and confirm the condition of the kitchen, bathroom, heating and common parts before bidding; EPC E may indicate potential energy-efficiency works, but no specific works or cost can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV of £120,000, a 75% refinance scenario produces £90,000. Against the £111,800 purchase-plus-known-cost figure, indicative cash left in is £21,800 before finance, tax, works and unknown seller or leasehold costs. No refurbishment cost or refinance terms are evidenced, so BRRR viability is uncertain.

Buy-to-Let Analysis

At the supplied £695 pcm asking rent, annual gross rent is £8,340. This produces 7.58% gross yield on the £110,000 guide and 7.46% on the guide plus the known £1,800 admin charge, excluding service charge, ground rent, maintenance, voids, finance, tax and any seller fees. Net yield cannot be established because those costs are incomplete. The rent is advertised rather than achieved.

Flip Analysis

Against the base GDV of £120,000, the gross spread over the £111,800 purchase-plus-known-cost figure is £8,200 before selling costs, finance, tax and works. A reliable flip surplus cannot be calculated because no selling allowance, condition assessment or full acquisition-cost schedule is supplied.

Investor Risks & Due Diligence

• Annual service charge, ground rent and review provisions are unknown.

• Additional seller fees may be payable under the special conditions but are not supplied.

• The £695 pcm figure is an advertised asking rent, not confirmed passing or achieved rent.

• No condition report or refurbishment cost evidence is supplied; the property has an EPC rating of E.

• The supplied comparable sales are historic, with no current valuation evidence.

• Parking and heating arrangements are unknown.

Recommendation

Proceed only as a cautious rental-led purchase if leasehold charges, seller fees, condition and achieved rent are verified. The historic comparable evidence gives limited support for value, while the BRRR and flip margins are thin before unquantified costs.

Strategy Rating

Analysis Confidence

There are several same-address completed sales and one rental asking figure, but the sales are historic and service charges, ground rent, condition, seller fees, parking, heating and finance or selling costs are not supplied.