Flat 4, 93 Outram Road, Croydon, CR0 6XJ

Description

A vacant leasehold second floor flat. A one bedroom flat, situated in a semi detached property. The property is in need of modernisation.

Accommodation

Ground Floor: Communal Entrance. Second Floor: Flat 4 - Hall, Reception Room, Kitchen, Bedroom, Bathroom/WC.

Location

Croydon

Tenure / Property Information

Investment Analysis

Five same-road leasehold flat comparables range from £175,000 to £295,000. Their sizes, bedroom counts, condition and specific attributes are not supplied, so they cannot be adjusted reliably. A base GDV of £276,000 is used as the median of the evidence, with £175,000 and £295,000 as low and high evidence-supported scenarios. This is an estimate, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not commit to a maximum bid from the supplied evidence alone. Proceed only after reviewing the legal pack, confirming lease terms and costs, inspecting the flat, and obtaining a fixed modernisation budget and local letting appraisal.

Works Required

Modernisation is required, but the supplied evidence does not identify specific defects or provide a costed scope. Obtain a full inspection and contractor quotations before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £20,000 guide, the £2,700 known administration charge would bring the known acquisition outlay to £22,700 before works and other costs. A 75% refinance against the £276,000 base GDV is £207,000, but total project cost and cash left in cannot be calculated because refurbishment, other completion costs and lease-related costs are not supplied. The GDV range is highly uncertain because comparable property details are incomplete.

Buy-to-Let Analysis

The supplied rental listings show advertised asking rents of £467 to £1,100 pcm, not achieved rents, with no property-specific letting evidence. Gross yield on the £20,000 guide would range from approximately 28.02% to 66.00% before refurbishment, finance, service charges, management, voids, taxes and other costs. A reliable BTL return cannot be established without a supported rent, lease information and refurbishment budget.

Flip Analysis

The evidence-supported GDV scenarios are £175,000, £276,000 and £295,000. A flip surplus cannot be calculated because no refurbishment budget, selling allowance, finance cost or complete purchase-cost figure is supplied. The property is expressly described as needing modernisation, so the apparent guide-price discount should not be treated as a confirmed profit.

Investor Risks & Due Diligence

• The flat is described as needing modernisation, but no works schedule or cost evidence is provided.

• The comparable sales range from £175,000 to £295,000 and lacks size, bedroom, condition and specification details.

• Rental evidence is advertised asking rent only and ranges widely from £467 to £1,100 pcm.

• Lease length, service charge, ground rent and other lease terms are not supplied.

• The £2,700 administration charge is known, but additional legal-pack costs are unspecified.

• EPC details are not supplied.

• Stamp duty and government taxes are excluded from the stated auction costs.

Recommendation

Do not commit to a maximum bid from the supplied evidence alone. Proceed only after reviewing the legal pack, confirming lease terms and costs, inspecting the flat, and obtaining a fixed modernisation budget and local letting appraisal.

Strategy Rating

Analysis Confidence

There are five same-road completed sales and three rental asking-price references, but comparable specifications, lease details, property condition costs, EPC information, service charges, other completion costs and achievable rent are not supplied.