Flat 22, Margaret Creighton Gardens, Carlisle, Cumbria CA1 2DN

Description

First-floor one-bedroom flat near the University of Cumbria and Carlisle city centre, with sitting room, kitchen, bedroom and bathroom. Long leasehold.

Location

Flat 22, Margaret Creighton Gardens, Carlisle, Cumbria CA1 2DN. The full postcode CA1 2DN is used for mapping. Local investment evidence is drawn from the Carlisle market rather than a generic Cumbria average.

Investment Analysis

Investment Snapshot

Works Required

• Targeted kitchen/bathroom and services upgrades where required

• Decoration, flooring and joinery

• External/roof/damp repairs identified by survey

• Contingency for latent defects

HB working allowance: £5,000–£10,000. This is an appraisal allowance based on the auctioneer's condition description and property type, not a contractor quotation.

Rental & Market Context

HB's working market-rent range is £650–£750 pcm (£7,800–£9,000 p.a.). This reflects current/recent rental evidence for the Carlisle market and is adjusted for the subject property's size, condition and strategy. At the guide, the gross yield range is approximately 26.0%–30.0%; on the full purchase-and-works range it is approximately 15.6%–25.7%. Actual rent should be checked against a current local letting appraisal before exchange.

Sold within 5m radius

• 331 Warwick Road, Carlisle – 3-bed terrace – sold 15 May 2026 – £170,000

• 11 Coogan Close, Carlisle – 3-bed semi – sold 12 May 2026 – £200,000

• 38 Morton Street, Carlisle – 2-bed terrace – sold 13 May 2026 – £64,000

These are local-market comparables rather than guaranteed like-for-like matches. Allowing for condition, size and micro-location, HB uses an indicative end-value range of £65,000–£85,000 for this lot where a GDV is applicable.

GDV Assessment

HB indicative GDV/end value is £65,000–£85,000. This range is informed by the auctioneer's property facts, the current condition and the verified Carlisle sold-market evidence above. It is an investment appraisal, not a RICS valuation; the lower end should be used for bid sensitivity.

Strategy Recommendation

Preferred strategy: Buy-to-Let. The working acquisition range is £30,000–£40,000. The main reason is the relationship between the guide, required works and the achievable exit/income evidence. Risk is rated high because of the property-specific condition, tenure, planning or market factors noted above.

Potential BRRR Position

Using the mid-point purchase assumption of £35,000 and mid-point works of £7,500, the property stands at about £42,500 before SDLT, auction fees and finance. A 75% refinance against the £65,000–£85,000 GDV range gives approximately £48,750–£63,750. At the mid-point this leaves about £0 of purchase-and-works capital in the deal before transaction costs. HB BRRR assessment: Strong.

Flip Analysis

Working scenario: purchase £35,000, works £7,500, plus approximately £4,300 as an illustrative allowance for acquisition, finance/holding and selling costs. Total working cost is therefore about £46,800 against a mid-point GDV of £75,000, producing an indicative pre-tax margin of about £28,200 (37.6% of GDV). This is viable on the current assumptions and is highly sensitive to sale price and refurbishment overspend.

Investor Risks & Due Diligence

• Read the full legal pack, title and special conditions before bidding

• Confirm auction administration/buyer's fees and completion period

• Verify the scope and cost of works with a survey and contractor pricing

• Check planning/building-regulation status, access and services where relevant

• Confirm finance and insurance acceptability for the specific property type

• Re-check current rental and sold evidence immediately before setting a maximum bid

Maximum Bid Analysis

HB bidding sensitivity: guide £30,000+. The deal is strongest around £30,000–£38,000; above approximately £38,000 the margin/capital-recycling position begins to weaken on the conservative £65,000 GDV assumption. This is an investment-based bid indicator, not a valuation or bidding instruction.

Recommendation

Overall HB view: Buy-to-Let. At the working purchase range of £30,000–£40,000, the opportunity can be attractive if the property-specific risks are resolved and the works remain within £5,000–£10,000. Confidence is high; the principal sensitivity is end value and refurbishment cost.

Strategy Rating

Buy-to-Let: ★★★★☆ | BRRR: ★★★★☆ | Flip: ★★★☆☆

Research Sources

https://www.auctionhouse.co.uk/cumbria/auction/lot/150956 | https://www.rightmove.co.uk/house-prices/carlisle