Flat 6 Warwick Court, Michaelmas Road, Coventry

Description

Of interest to investors and owner occupiers. A first floor, two bedroom flat in a purpose built block. In need of modernisation, well located for all the local amenities of Coventry City centre. Vacant.

Accommodation

Hallway, two bedrooms, living room, kitchen, bathroom/wc

Location

In prime and convenient location close to the City Centre, Railway Station and access to the road network. Coventry Station 0.1 miles; Canley Station 1.5 miles; Coventry Arena Station 3.3 miles.

Tenure / Property Information

Investment Analysis

The property is a vacant two-bedroom leasehold flat requiring modernisation. The supplied same-block Land Registry evidence ranges from £98,500 in 2018 to £146,000 in 2022, with the most recent supplied sale at £146,000. A base GDV of £146,000 is used, but this is indicative only because the comparable flat details, lease terms, condition, service charges and current market position are not supplied. The £80,000 guide is materially below the latest same-block evidence, subject to buyer and seller charges.

Investment Snapshot

Strategy Recommendation

Proceed only after verifying the lease, service charges, ground rent, auction special conditions and a detailed refurbishment budget. The evidence supports further due diligence rather than an automatic bid at the guide.

Works Required

Modernisation of the flat as required, based only on the stated condition. The evidence does not specify individual defects, so no detailed scope or cost allowance can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £146,000 base GDV, a 75% refinance would be approximately £109,500. However, refurbishment cost, acquisition charges, lease information and total project cost are unavailable, so cash left in and refinance viability cannot be established.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Service charges, ground rent, lease length, EPC and other operating costs are also unknown.

Flip Analysis

A potential resale margin exists between the £80,000 guide and the supplied same-block sales, but a reliable flip surplus cannot be calculated because refurbishment costs, buyer charges, seller costs and current resale evidence are not fully supported.

Investor Risks & Due Diligence

• Lease length, ground rent and service-charge obligations are not supplied.

• The flat requires modernisation, but the defects and refurbishment cost are unknown.

• No sufficiently specific rental evidence is available, preventing yield analysis.

• Buyer, seller and VAT-related charges may apply but are not quantified.

• The comparable sales vary significantly in price and may not match this specific flat.

• Vacant possession is stated, but legal and auction special conditions have not been supplied.

Recommendation

Proceed only after verifying the lease, service charges, ground rent, auction special conditions and a detailed refurbishment budget. The evidence supports further due diligence rather than an automatic bid at the guide.

Strategy Rating

Analysis Confidence

There are several same-block completed sales and a clear guide price, but there is no specific rental evidence, no lease or service-charge information, no detailed condition survey and no supported refurbishment or transaction-cost data.