Property Description: 

Investment Overview: 2-Bedroom Apartment in Haverfordwest
We present an exceptional opportunity to invest in a 2-bedroom apartment located at 37 Goshawk Road, Haverfordwest, SA61 2TY. This property is currently agreed for purchase at £42,000 directly from the vendor, providing immediate negotiation potential.

Property Details
The apartment is fairly well presented, making it an ideal candidate for cosmetic upgrades. With a budget of £10,000 allocated for renovations, the target post-renovation value is estimated at £65,000. The proposed improvements will focus on essential updates in the kitchen and bathroom, along with fresh painting and decorating throughout. This strategic enhancement will significantly increase the property's market appeal.

Rental Demand and Income Generation
Haverfordwest is a thriving market with strong rental demand, making this property an excellent income-generating asset. The area is particularly attractive to professionals, families, and tenants on income support due to its accessibility and local amenities.

Location Advantages
The address is strategically located within proximity to schools, workplaces, and transport links. Families will appreciate the nearby educational institutions, while professionals will benefit from ease of commuting. Access to public transport further enhances the appeal for tenants, ensuring a steady demand for rental properties in the area.

Market Stability
Haverfordwest has demonstrated stable property values, making it a sound investment. Recent sales of comparable properties support the projected end value of £65,000, reinforcing the investment's viability. Local area statistics indicate ongoing regeneration schemes, which are set to enhance community infrastructure and increase property values further.

Conclusion
In summary, this 2-bedroom apartment at 37 Goshawk Road offers a compelling investment opportunity. With a low purchase price, manageable renovation costs, and strong rental demand, investors can expect a solid return on investment. The strategic location and market stability make this property a wise addition to any investment portfolio.

Number of Bedrooms (current): 2

Is there potential to add a bedroom?: No

Reception Rooms: 1

Bathrooms/shower-rooms: 1

Property Asking Price: £60,000

Agreed Sale Price: £42,000

Fair Market Value (DUV): £65,000

 Sold Comparable properties within 1/4 miles square radius and up to resale value of £70,000

36 Goshawk Road, SA61 2UB £55,000 Two Bedroom Apartment Sold date = 17/01/24
28 Goshawk Road, SA61 2UB £70,000 Two Bedroom Apartment Sold date = 19/01/24
32 Harrier Road, SA61 2TU £58,500 Two Bedroom Apartment Sold date = 21/01/24

On the Market or SOLD STC properties within 1/4 miles square radius and for sale up £70,000

On The Market £65,000 Montague Court, Peregrine Close, SA61 2TG Listed date on 25/11/24 Popular Move
On The Market £69,995 Harrier Road, SA61 2TT Listed date on 18/11/22 John Francis
On The Market £70,000 Harrier Road, SA61 2TT Listed date on 06/12/24 West Wales Properties
On The Market £68,000 Sanderling Close, SA61 2YA Listed date on 10/12/24 FBM Wales
SOLD STC £60,000 35 Goshawk Road, SA61 2TY Listed date on 19/06/24 West Wales Properties
SOLD STC £60,000 21 Goshawk Road, SA61 2TY Listed date on 29/11/24 West Wales Properties
SOLD STC £65,000 Goshawk Road, SA61 2TY Listed date on 15/07/22 John Francis

Market Status: Sale Secured by Sourcing Agent

Why is the property being sold?: Unknown

Is the property in a lettable condition: Yes

Is the sale price negotiable?: Yes

Property Type: Flat

Freehold or Leasehold: Leasehold

Is the property part of portfolio?: No

Exit Strategy 1: BTL

Exit Strategy 2: Capital Growth

Potential Target Demographic: Professionals, families, income support and retired.

Refurbishments Required: Estimated Renovation Budget: £10,000

Contractor Recommendation: Tiger Burrows Ltd for a reliable contractor in Haverfordwest

Week 1: Preparation and Initial Works
Clear Property: Remove any existing furniture and debris to prepare the space for renovation.
Board and Plaster Kitchen Ceiling: Install boards and plaster the ceiling to ensure a smooth finish.

Week 2: Electrical and Ceiling Works
Install New Spotlights: Add modern spotlights to enhance lighting in the kitchen.
Test and Upgrade Electrics: Assess and upgrade electrical systems as necessary to meet safety standards

Week 3: Kitchen Renovation
Repair Kitchen Cupboards: Fix any damaged kitchen cupboards to ensure functionality.
Add New Worktop: Install a new worktop that complements the kitchen design.
Install New Cooker and Hood: Set up a new cooker and extractor hood for improved kitchen efficiency.
Re-tile the Kitchen: Complete tiling work in the kitchen for a fresh and modern look

Week 4: Bathroom Renovation
Re-tile the Bathroom: Remove old tiles and install new tiles for a contemporary finish.

Week 5: Finishing Touches
Paint and Decorate: Apply a fresh coat of paint throughout the apartment, focusing on modern colours and finishes.
Carpet and Flooring Installation: Install new carpet in bedrooms and appropriate flooring in common areas for a cohesive look.

Week 6: Final Checks and Safety Certifications
Sign Off on Safety Certificates: Ensure all electrical and safety inspections are completed and certificates are obtained.

This schedule outlines a structured approach to the renovation, allowing for a smooth process and timely completion of the project. With the expertise of a reliable contractor, you can expect high-quality workmanship that will elevate the property's value.

Estimated Refurbishment Costs: £10,000

BTL Figures

Purchase Price: £42,000

Refurb Costs: £10,000

Legal Costs: £1600

Stamp Duty: 2100

Survey: £450

Broker Fee:

Tiger Burrows Consultation Fee's: £997

Total Costs for the Investor: £56,147

Refinance @ 75%: £48,750

Equity Created: £16,250

Estimated Rental Income: £650

New Mortgage: £203.13

Stress Test Mortgage: £243.75

Estate Agent Rates: £65

MOE: £65

Cash Flow Most Likely: £316.88

Cash Flow Stress Test: £276.25