Flat 1, 23 Morpeth Street, Springbank, Hull, East Yorkshire, HU3 1RG

Description

A one bedroom ground floor flat. The property benefits from a private rear yard and sold with the freehold title of the building. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance Hallway, Reception Room, Kitchen, Bedroom, Bathroom/WC.

Location

Located on Morpeth Street, accessed off Spring Bank. Located on the west side of Morpeth Street. Local amenities available in the city centre, approximately 0.7 miles. Recreational amenities are nearby including green spaces such as Pearson Park. Transport links via Hull station and multiple road connections via the A63 and A165. Transport Hull - Hull Trains, LNER, Transpennine Express, northern.

Tenure / Property Information

Investment Analysis

The £25,000 guide is the only price evidence supplied. No completed sales, sufficiently specific rental comparables, refurbishment budget, buyer fee, council tax, parking or heating information is available. A supported GDV, rental value or maximum bid cannot therefore be established.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Obtain a full inspection, title and special-conditions review, realistic rental evidence, refurbishment quotations and all buyer, seller and VAT charges before considering the property.

Works Required

Modernisation of the one-bedroom flat, with the precise scope and cost to be confirmed by inspection. The evidence does not identify specific defective elements, so no detailed works allowance is supportable.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be supported because there is no evidence-based GDV, refurbishment budget, rent, refinance value or complete acquisition-cost schedule. The freehold building interest and Flat 2's long lease require review of the title and associated rights and obligations.

Buy-to-Let Analysis

The property is vacant and no sufficiently specific external rental comparable or auctioneer rent estimate is supplied. Rental income and yield cannot be established. The buyer fee is unspecified and VAT or other seller charges may apply, further preventing a reliable total-cost yield calculation.

Flip Analysis

A flip appraisal cannot be supported. No completed sales, GDV, refurbishment cost, selling allowance or complete purchase-cost information is supplied. Any resale surplus would therefore be speculative.

Investor Risks & Due Diligence

• The guide price excludes an unspecified buyer fee.

• VAT may apply and other seller charges may be payable under the Special Conditions of Sale.

• The property is described as needing modernisation, but the scope and cost of works are unknown.

• No sufficiently specific rental evidence is available, so achievable income and yield are unverified.

• No completed comparable sales are supplied, so market value and GDV are unverified.

• The freehold title includes the building while Flat 2 is sold on a long lease; title, lease and cost-allocation matters require legal review.

Recommendation

Do not bid on the current evidence alone. Obtain a full inspection, title and special-conditions review, realistic rental evidence, refurbishment quotations and all buyer, seller and VAT charges before considering the property.

Strategy Rating

Analysis Confidence

Only the guide price, basic accommodation, vacant status, freehold arrangement and general need for modernisation are supplied; there are no comparable sales, supported rents, works costs or complete fee details.