Property Brief
Tenanted two-bed, mid-terrace property located on Ceylon Street, HU9. The property features an entrance hall, living/dining room, kitchen and conservatory on the ground floor. The first floor includes two bedrooms and a bathroom. There is a small, low-maintenance garden to the rear.

Condition Report
The vendor is having the following works carried out:

  - Replacing carpets in the living/dining room.
  - Replacing the back gate and supporting posts.
  - Demolishing the rear garden shed and repaving.

There appears to be some damp in the conservatory. See below the estimated costs to rectify the issues:

  - Treat areas of rising damp - £2,000.
  - Replace both flat and sloping roofs - £2,500.

Although not essential, the property would benefit from some cosmetic works including painting throughout, flooring throughout (excluding the living/dining room) and replacing the front door. Both the kitchen and bathroom are functional, albeit dated.

Rental Information
Current rent: £500 pcm
Market rent: £595 pcm
Tenancy agreement: Assured shorthold tenancy
Tenancy start date: July 2021

The current tenant is happy to remain in the property and has no history of arrears.

Comparables
3 similar 2-bed appear to have sold on Ceylon Street in the last couple of years. The first, listed for £79,950 required a full cosmetic refurb with dated kitchen and bathroom. The second listed for £100,000 is detacahed and in good condition. The third listed for £85,000 was dated throughout but did have a converted loft room. We believe the market value for 32 Ceylon Street to be £90,000 in good condition.

Compliance
Electrical certificate (EICR): Test date April 2021
Gas safety certificate: Test date November 2024
EPC rating: D (potential B)
Council Tax Band: A

Figures
Estimated upfront costs below:

Deposit = £18,750
Stamp duty = £3,750
Broker fee (Est.) = £495
Solicitor fee (Est.) = £1,200
Ultralets fee = £1,800

Total = £25,995

Current yield is 8% (or 9.5% based on market rent).

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To speak to our in-house Mortgage Advisor, call the office on 01482 562562 and ask to speak to Jack Newton.