Flat 5, Wessex Court, West Street, Tavistock, Devon

Description

A vacant duplex in the centre of Tavistock. The accommodation comprises a living room, kitchen/dining room, double bedroom, bathroom and a W.C. The apartment benefits eaves storage and a communal garden.

Accommodation

Living Room: 4.42m (14'6'') x 2.94m (9'8''); Kitchen/Dining Room: 5.04m (16'6'') Max x 4.56m (15') Max; Bathroom: 2.78m (9'2'') x 1.94m (6'5''); Landing: 3.93m (12'11'') Max x 3.26m (10'8'') Max; Double Bedroom: 4.05m (13'3'') x 3.01m (10'2'')

Location

Centre of Tavistock

Tenure / Property Information

Investment Analysis

Comparable sales at Wessex Court range from £122,000 to £158,000, including £135,000 in May 2024. A base GDV of £135,000 is supported, with £122,000 low and £158,000 high scenarios. The £750 pcm rent is an advertised asking rent only.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let subject to inspection, legal-pack review, leasehold-cost confirmation and securing rent near £750 pcm. Do not bid without a verified all-in cost.

Works Required

No specific defects or refurbishment requirements are evidenced. Inspection and legal-pack review are required before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the £135,000 base GDV indicates £101,250 gross borrowing capacity. Total project cost cannot be calculated because refurbishment costs and any leasehold charges are unknown.

Buy-to-Let Analysis

At the lower £90,000 guide, the advertised £750 pcm rent implies a 10.0% gross yield before fees and other costs. Achieved rent, service charges, ground rent and other running costs are not supplied, so net returns cannot be established.

Flip Analysis

The base resale value is estimated at £135,000 from local completed sales. Flip profit cannot be calculated without supported works, purchase-cost and selling-cost assumptions.

Investor Risks & Due Diligence

• The £750 pcm figure is an advertised asking rent, not achieved rent.

• Refurbishment requirements and condition are not evidenced.

• Service charge, ground rent, council tax, heating and parking details are not supplied.

• Additional legal-pack disbursements may be payable.

• Comparable sale prices vary materially and include older transactions.

• Leasehold terms and costs require legal-pack confirmation despite the stated 122-year lease.

Recommendation

Potential buy-to-let subject to inspection, legal-pack review, leasehold-cost confirmation and securing rent near £750 pcm. Do not bid without a verified all-in cost.

Strategy Rating

Analysis Confidence

There are several relevant completed sales and one rental listing, but no refurbishment budget, leasehold charges, achieved rent, parking information or full cost data.