Gra Pat, Windsor Terrace, Falmouth, Cornwall, TR11 3BP

Description

A Vacant Three Bedroom Semi Detached Bungalow in Need of Modernisation

Accommodation

Lower Ground Floor: Storage Rooms. Ground Floor: Reception Room, Kitchen, Three Bedrooms, Bathroom.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Kimberley Park and Falmouth Moor Pier are within easy reach. Transport links are provided by Falmouth Town rail station.

Tenure / Property Information

Investment Analysis

The only supplied comparable is Elmscott, Windsor Terrace, a freehold semi-detached property sold for £310,000 in November 2021. It is not confirmed to be the subject property and its condition, size and specification are unknown. The £310,000 figure is therefore used only as an indicative base GDV reference, with no evidence-supported low or high scenario. The subject property requires modernisation, so the comparable should not be treated as a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, inspection and a detailed modernisation budget. The low guide price and indicative rent support investigating a BTL or BRRR strategy, but the evidence is insufficient to set a prudent maximum bid.

Works Required

Modernisation of the vacant three-bedroom bungalow, including review and updating of the reception room, kitchen, bedrooms and bathroom. The supplied evidence does not identify specific defects or provide a reliable works specification or cost allowance.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the supplied comparable only as an indicative £310,000 GDV reference, a 75% refinance would be approximately £232,500. The apparent refinance headroom cannot be assessed reliably because refurbishment costs, total acquisition costs, finance costs and the subject property's post-works value are not evidenced.

Buy-to-Let Analysis

The advertised rental evidence is £1,400 pcm, equivalent to £16,800 annually. This produces an indicative 19.76% gross yield against the £85,000 guide price, but the true yield cannot be established because refurbishment costs, acquisition costs beyond the £1,800 admin charge and other completion costs are unknown. The rent is an asking rent, not achieved rent.

Flip Analysis

A resale appraisal cannot be completed reliably. The £310,000 comparable provides an indicative GDV reference, but no supported refurbishment allowance, selling costs or full project cost is available. Accordingly, the flip surplus is not calculated.

Investor Risks & Due Diligence

• The property is described as vacant and in need of modernisation, but the extent and cost of works are not supplied.

• The sole comparable is a different named property and its condition, size and specification are unknown.

• The £1,400 pcm figure is an advertised asking rent rather than achieved rent.

• Only the £1,800 buyer admin charge is quantified; legal-pack disbursements and other special-condition costs may apply.

• No reliable maximum bid can be calculated without refurbishment and total acquisition cost evidence.

Recommendation

Proceed only subject to legal-pack review, inspection and a detailed modernisation budget. The low guide price and indicative rent support investigating a BTL or BRRR strategy, but the evidence is insufficient to set a prudent maximum bid.

Strategy Rating

Analysis Confidence

There is one relevant but unconfirmed 2021 comparable and one advertised rental figure, but no detailed comparable specification, refurbishment cost evidence, full fee schedule or confirmed post-works valuation.