Flat 1, 44 Prince Road, South Norwood, London

Description

A Vacant Ground Floor Studio Flat. Estimated Rental Value Based on the Local Housing Allowance (LHA) Rate is £11,336 Per Annum (Which Would Reflect a 11.9% Yield at the Lower Range of the Guide Price). The property comprises a ground floor studio flat situated within a purpose built building arranged over ground and first floors. The property has been recently refurbished.

Accommodation

Ground Floor: Studio Room, Kitchen, Bathroom. Exterior: The property benefits from communal gardens and off street parking.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of South Norwood Recreation Grounds are within easy reach. Transport links are provided by Selhurst rail station and Norwood Junction rail station.

Tenure / Property Information

Investment Analysis

Completed sales at the same address range from £115,000 in 2021 to £163,000 in 2023, with a further £152,000 sale in November 2025. The £152,000 latest same-address sale is used as the base GDV, with £115,000 and £163,000 as evidence-supported low and high scenarios. Differences in flat size, condition and sale circumstances are not provided, so this is an indicative range rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential income-led buy-to-let, subject to confirming achievable rent, lease terms, service charges, EPC requirements and all auction disbursements. Do not bid on a flip or BRRRR basis without verified total costs and condition.

Works Required

The flat is described as recently refurbished, so no specific refurbishment works or cost allowance are supported by the evidence. Verify the condition, refurbishment standard, EPC position and any communal or leaseholder obligations through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £152,000 base GDV, 75% refinancing would indicate £114,000 gross refinance proceeds. A cash-left-in calculation cannot be established because no refurbishment allowance, full purchase cost, legal-pack disbursements or finance costs are supplied. The approximately 85-year lease and EPC E rating should be assessed before relying on refinanceability.

Buy-to-Let Analysis

The auctioneer estimates rent at £11,336 per annum, equivalent to £944.67 pcm, producing 11.93% gross yield at the £95,000 lower guide and approximately 9.86% at the £115,000 upper guide. This is an LHA-based estimate, not passing rent; the supplied rental listings are advertised one-bedroom rents and are not sufficiently comparable to establish a higher studio rent. Operating costs, voids, finance, tax and letting costs are excluded.

Flip Analysis

A latest same-address completed sale supports a £152,000 base GDV, with an evidenced range of £115,000 to £163,000. However, no supported works budget, selling costs or full acquisition costs are available, so a reliable flip surplus cannot be calculated. The guide-to-GDV spread may provide potential margin, subject to legal, condition and transaction-cost due diligence.

Investor Risks & Due Diligence

• Approximately 85 years remain on the lease, which may affect mortgageability, resale and future lease-extension cost.

• The EPC is rated E; any applicable improvement, lender or letting requirements should be verified.

• The £11,336 annual rent is an auctioneer LHA-based estimate rather than passing rent.

• The supplied rental evidence is advertised asking rent for one-bedroom properties and may not apply to this studio flat.

• The property is vacant, creating letting and void risk.

• Buyer disbursements and other possible legal, search, seller-cost reimbursement and transfer fees are not quantified.

• Same-address sold prices vary materially and the evidence does not provide size, condition or sale-circumstance details.

Recommendation

Potential income-led buy-to-let, subject to confirming achievable rent, lease terms, service charges, EPC requirements and all auction disbursements. Do not bid on a flip or BRRRR basis without verified total costs and condition.

Strategy Rating

Analysis Confidence

The analysis has three same-address completed sales, an auctioneer rent estimate, guide pricing and known admin charge, but lacks full comparable details, refurbishment costs, service charges, legal-pack disbursements, achieved rental evidence and finance costs.