Flat 2, 14-20 Fore Street, Ipswich, Suffolk, IP4 1JU

Description

A conveniently located second floor vacant one bedroom flat that should be of interest to buy-to-let investors.

Accommodation

Lounge/Kitchen - 17'1 x 7'10; Bedroom - 9'10 x 7'10; Shower Room - 5'11 x 3'7

Location

The property is less than a mile walk from Ipswich Rail station and there is an abundance of local shops and restaurants in the immediate vicinity.

Tenure / Property Information

Investment Analysis

Evidence ranges from £55,000 for 14–20 Fore Street in April 2024 to £100,000 for nearby 32 Fore Street in September 2024. The £55,000 sale is the closest address evidence; the £100,000 comparable supports a higher scenario but may not be directly comparable. GDV is therefore uncertain.

Investment Snapshot

Strategy Recommendation

Potentially suitable for BTL subject to inspection, leasehold-cost checks and confirmation of achievable rent. Do not bid based solely on the £100,000 GDV scenario.

Works Required

No specific works are evidenced. Inspect the vacant flat, confirm condition and obtain costs before bidding. EPC E may require consideration of improvement works, but no specific measures are supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a base GDV of £100,000, 75% refinancing would indicate £75,000 gross loan proceeds. Cash left in cannot be calculated because works and buyer/admin costs are unspecified. The lower £55,000 comparable demonstrates material valuation risk.

Buy-to-Let Analysis

Advertised rental evidence of £695–£700 pcm implies approximately £8,340–£8,400 annual rent and a strong gross yield against the £45,000 guide. However, these are asking rents, not achieved rents, and service charge, ground rent, fees and works are unknown.

Flip Analysis

A potential resale value is supported between £55,000 and £100,000 by the supplied comparables, but no refurbishment budget, purchase fees or selling allowance is available. Flip profit therefore cannot be established reliably.

Investor Risks & Due Diligence

• Auction buyer premium, administration charge and other fees are unspecified.

• Property condition and refurbishment costs are not evidenced.

• The £55,000 and £100,000 comparables create substantial GDV uncertainty.

• Rental evidence comprises advertised asking rents only.

• Leasehold service charge and ground rent are not provided.

• EPC rating is E.

• Parking, heating and council tax information are not provided.

Recommendation

Potentially suitable for BTL subject to inspection, leasehold-cost checks and confirmation of achievable rent. Do not bid based solely on the £100,000 GDV scenario.

Strategy Rating

Analysis Confidence

There are relevant local sold comparables and rental listings, but the subject condition, leasehold costs, fees, works budget and achieved rent are unavailable.