Ground Floor Flat, 24 Admiralty Street, Stonehouse, Plymouth, Devon

Description

A one-bedroom flat in Plymouth. The accommodation comprises a living room, kitchen, bedroom, bathroom and a store room. Externally there is a rear patio garden. The property is within walking distance to the historic Royal William Yard. PVCU D/G, GCH. There will be a new 999 year lease on completion.

Accommodation

Living Room; Kitchen; Bedroom; Bathroom; Store Room

Location

Within walking distance to the historic Royal William Yard.

Tenure / Property Information

Investment Analysis

The £160,000 2022 sale at 18 Admiralty Street is the only recent supplied comparable, but it is not the subject property. It provides an indicative reference only; no reliable low/high GDV range can be established. Base GDV is estimated at £160,000, subject to condition, layout and legal-pack review.

Investment Snapshot

Strategy Recommendation

Potentially attractive at the guide on the supplied evidence, but proceed only after legal-pack review, inspection, confirmation of lease terms and validation of achievable rent. BTL or BRRR appears more supportable than a flip, subject to those checks.

Works Required

No specific defects or refurbishment requirements are evidenced. Allowance is therefore £nil for calculation purposes, subject to viewing and survey verification.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £160,000 GDV, 75% refinance would be £120,000 against calculated costs of £71,200, implying £48,800 cash released before finance costs, tax and additional works. This depends on lender valuation, mortgageability, lease documentation and actual refurbishment requirements.

Buy-to-Let Analysis

Supplied advertised rents range from £325 to £1,000 pcm, producing a very wide gross yield range of 5.57%–17.14% on the £70,000 guide. These are asking rents, not achieved rents, and no property-specific rent is available. The £1,200 buyer administration charge is included in total-cost yield calculations; other disbursements remain unknown.

Flip Analysis

Using the indicative £160,000 GDV and the £71,200 calculated base cost gives a gross margin of £88,800 before selling costs, tax, finance and any undisclosed works. A reliable flip surplus cannot be calculated because no selling allowance or refurbishment budget is evidenced.

Investor Risks & Due Diligence

• The £160,000 comparable is a different flat and dates from 2022.

• Rental evidence is advertised asking rent and ranges substantially from £325 to £1,000 pcm.

• Legal-pack disbursements and other special-condition costs are unknown.

• No service charge, ground rent or detailed lease-cost information is supplied.

• No inspection evidence confirms condition or refurbishment requirements.

• Refinance depends on lender valuation and mortgageability of the new leasehold title.

Recommendation

Potentially attractive at the guide on the supplied evidence, but proceed only after legal-pack review, inspection, confirmation of lease terms and validation of achievable rent. BTL or BRRR appears more supportable than a flip, subject to those checks.

Strategy Rating

Analysis Confidence

Evidence includes one dated nearby comparable and broad advertised rental data, but lacks subject-specific condition, achieved rent, service-charge, lease-cost and full fee information.