Property Brief
Block of two flats under a single freehold title. Flat 1 is accessible via the front door of the property, situated exclusively on the ground floor. Flat 2 is accessible via the rear of the property with stairs leading to the first floor where the flat is situated. Both flats have small, low-maintenance rear gardens.

Electric heating in both flats on independent meters.

Condition Report 
The overall condition of the building is in fair condition.

Flat 1 - Decor and carpets/vinyl throughout are tired. Bathroom and kitchen both in fair condition.

Flat 2 - General decor and flooring in fair condition. Kitchen is dated but serviceable.

General Information
Apt 1 (1-bed)
Size: 44 sq m
Current rent: £350 pcm
Market rent: £450 pcm

Apt 2 (studio with office)
Size: 43 sq m
Current rent: £390 pcm
Market rent: £450 pcm

Comparables

Similar-sized properties listed recently. Property on the left listed in December for £126,500 and sold in 2023 for £121,000. Property on the right was listed for £110,000 (price achieved unknown).

Both were single houses selling/sold residentially.

Compliance
Apt 1
Electrical certificate (EICR): Test date May 2023
EPC Rating: D (63), potential C (76)
Council Tax Band: A

Apt 2
Electrical certificate (EICR): Test date May 2023
EPC Rating: C (76), potential C (78)
Council Tax Band: A

Figures
Estimated upfront costs below:

Deposit = £29,875
Stamp duty = £3,975
Broker fee (Est.) = £495
Solicitor fee (Est.) = £1,400
Ultralet's buyer fee = £1,800

Total = £27,545

Yield of 11.2% (or 13.6% at market rents).

Buyer Disclaimer - https://bit.ly/3CzncNu

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