Flat 7, The Ashleighs, Sanders Road, Canvey Island, Essex

Description

Well maintained one-bedroom ground-floor flat offered with vacant possession. Ready for immediate occupation. The property benefits from a communal parking area and is conveniently situated for local shops, bus routes and access to Benfleet railway station. Previously let at £900 pcm (£10,800 per annum).

Accommodation

Ground floor entrance hall leading to personal front door; Lounge: 11'9" x 10'1"; Kitchen: 9'2" x 5'3"; Bedroom: 11'2" x 7'10"; Bathroom: 12'2" x 5'7".

Location

Conveniently situated for local shops, bus routes and access to Benfleet railway station.

Tenure / Property Information

Investment Analysis

The five supplied completed sales are all at The Ashleighs and range from £148,500 to £165,000. The latest supplied sale was £160,000 on 19 April 2024. A supported working GDV of £160,000 is used, with a low scenario of £148,500 and high scenario of £165,000. These comparables are not identified by individual flat number, so the valuation remains indicative.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let or BRRR, subject to verification of leasehold charges, legal-pack disbursements, achievable rent and the condition at inspection. The guide-to-comparable value gap is attractive on the supplied evidence, but a firm maximum bid cannot be supported without those missing costs.

Works Required

The flat is described as well maintained and ready for immediate occupation. No specific refurbishment works or costs are evidenced. Allow for inspection, cleaning and any compliance or repair items identified, but no numerical works allowance is assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £110,000 guide, the purchase plus the stated £2,400 buyer and admin charges is £112,400 before any works, finance, tax or other disbursements. At a £160,000 base GDV, 75% refinance is £120,000, implying £7,600 more than this stated-cost basis could be released before finance, tax and lender costs. This is highly dependent on valuation, lending criteria and unknown leasehold costs.

Buy-to-Let Analysis

Using the supplied £802 pcm advertised asking rent gives annual rent of £9,624 and an estimated gross yield of 8.75% on the £110,000 guide, or 8.56% including the £2,400 stated buyer premium and admin charge. The previously achieved rent of £900 pcm indicates potential gross rent of £10,800, but it is not current achieved rent evidence. Service charge, ground rent, council tax and other landlord costs are not supplied, so net yield cannot be established.

Flip Analysis

The base completed-sale evidence supports a £160,000 indicative GDV against a £110,000 guide. The apparent £47,600 difference after the guide and stated £2,400 charges is not a reliable flip surplus because no selling costs, finance costs, tax, legal costs, disbursements or refurbishment costs are supplied. A formal flip surplus is therefore not calculated.

Investor Risks & Due Diligence

• The comparable sales are for The Ashleighs but are not identified as the subject flat, so flat-specific differences are unverified.

• Leasehold service charge, ground rent and other lease obligations are not supplied.

• Auction disbursements and other possible legal, search, seller-cost and transfer charges are unknown.

• The £802 pcm figure is an advertised asking rent, while the £900 pcm figure is historical previously-let rent rather than current achieved rent.

• The property has an EPC rating of D, but no improvement requirements or costs are evidenced.

• Finance, tax, selling and letting costs are not supplied and are excluded from the calculations.

Recommendation

Potentially suitable for buy-to-let or BRRR, subject to verification of leasehold charges, legal-pack disbursements, achievable rent and the condition at inspection. The guide-to-comparable value gap is attractive on the supplied evidence, but a firm maximum bid cannot be supported without those missing costs.

Strategy Rating

Analysis Confidence

Strong same-development completed-sale evidence, vacant possession and two rent indicators are supplied. Confidence is reduced by the lack of flat-specific comparable identification, refurbishment costs, leasehold charges, council tax, disbursements and current achieved rent.