Flat 6 Rostrevor Court, 96 Sandown Road, Sandown, Isle Of Wight, PO36 9JX

Description

Leasehold first floor flat comprising living room, kitchen, 2 bedrooms and a bathroom. Externally, there is a communal garden area and the property benefits from an allocated parking space (number 6). There are approximately 60 years remaining on the lease.

Accommodation

Lounge - 3.50 x 3.44; Kitchen - 3.44 x 1.90; Bedroom 1 - 3.80 x 2.95; Bedroom 2 - 3.45 x 2.45; Bathroom - 2.57 x 1.80. Total Floor Area - 49 sq.m. (taken from EPC).

Location

The property is situated close to Sandown town centre with its local amenities, coffee shops, restaurants and beach. Sandown railway station is approximately 0.5 miles away. Location Pin (What3Words): compose.talkers.handbags.

Tenure / Property Information

Investment Analysis

Recent supplied leasehold flat sales at the same or adjacent address range from £92,000 to £100,000. A base GDV of £97,000 is used, subject to differences in size, condition, lease terms and parking not being evidenced.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let at the guide price, subject to confirming achievable rent, service charge, lease terms, mortgageability and all legal-pack costs. Do not rely on BRRR refinancing without lender confirmation.

Works Required

No condition defects or refurbishment requirements are evidenced. Allow for inspection and only undertake works identified after viewing.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £97,000 base GDV, 75% refinancing indicates £72,750. Against the guide, buyer premium and minimum administration charge, base cost is £63,250 before other unknown fees, implying £9,500 above cost before finance, tax and refinance costs. Actual refinancing depends heavily on lender acceptance of the short lease; no refurbishment allowance is evidenced.

Buy-to-Let Analysis

At the £60,000 guide, the supplied £1,200 pcm advertised asking rent implies £14,400 annual rent and a 24.0% gross yield before costs. This is not an achieved or property-specific rent, and the approximately 59–60 year lease may restrict mortgageability and tenant demand. Ground rent is £125 annually; service charge is not supplied.

Flip Analysis

The base GDV is £97,000 against a £63,250 guide-based cost including known buyer charges. A formal flip surplus is not calculated because selling costs, finance costs, tax and refurbishment costs are not supplied.

Investor Risks & Due Diligence

• Approximately 59–60 years remain on the lease, which may affect lending, resale and lease-extension cost.

• The £1,200 pcm figure is an advertised asking rent from broad Isle of Wight evidence, not achieved rent for this flat.

• Service charge and other legal-pack or transaction costs are unknown.

• Property condition and refurbishment requirements are not evidenced.

• BRRR refinancing is uncertain because lender criteria for the remaining lease term are unknown.

Recommendation

Potential buy-to-let at the guide price, subject to confirming achievable rent, service charge, lease terms, mortgageability and all legal-pack costs. Do not rely on BRRR refinancing without lender confirmation.

Strategy Rating

Analysis Confidence

Several recent nearby completed sales support the GDV range, but condition, service charge, achieved rent, full lease details and other purchase costs are unavailable.