This property was reserved and legal process all completed but the client extracted from the deal due to being unable to get insurnace which covered flooding. The location has an historic flood plain, which is no longer due to improved defences and drainage to the area. However, the agency listing this deal has an insurnace department within and has now obtained insurnace which covers flood defence! The legal work has been completed and the new buyer can benefit from this being a smooth transaction from this point onwards.

The property is in a half decent condition! It is on Old Castle Road in Llanelli. The property needs a new kitchen and bathroom. Then through the remainder of the house some upgrades to elections and radiator valves. Some cosmetic repairs, paint and decorate and carpet and flooring. All estimated in under £25,000. This house will make a fantastic housing association property which is guaranteed rent for 5 years, with no management and no maintenance costs.

The property COMPRISES 1 x LIVING ROOM, a DINING room, 3 x FIRST FLOOR BEDROOMS, BATHROOM and benefits from mains gas central heating and full double glazing.  Outside there is an enclosed rear low-maintenance garden.  Benefit from Off-road parking spaces to the front of the road and access to coastal walks and the beach. EMPTY PROPERTY - NO ONWARD CHAIN.

The total investment required is £112,306.29   -  Estimated Refurbishment cost = £25,000. - Cash left in deal (+/-) = £8,055.59 for BTL

Exit strategies    

Refurbishment: £25,000 might be more, depending on the build option chosen

1. Buy-To-Sell (BTS) resale value ranges from £125K to £160K (for this source pack information £135K is used as DUV value)    

Pre-Tax Profit estimated at £22K               ROI* = 37.6%             GDV = 15.3%

Examples of comparable properties sold within a 1/4 mile square radius and up to the resale value of £160,000

141 Old Castle Road, SA15 2SW: £132,000 3 Bedroom Terrace Sold on 29/09/23

26 Greenway Street, SA15 3BS: £131,000 3 Bedroom Terrace Sold on 25/09/23

2 Amos Street, SA15 2TU: £126,500 3 Bedroom Terrace Sold on 05/09/23

123 Old Castle Road, SA15 2SN: £70,000 3 Bedroom Terrace Sold on 18/08/23

17 Lloyd Street, SA15 2PU £135,000: 3 Bedroom Terrace Sold on 21/06/23

65 Brynmor Road, SA15 2TF: £137,000 3 Bedroom Terrace Sold on 19/06/23

9 Downing Street, SA15 2UA: £153,500 3 Bedroom Terrace Sold on 16/06/23

77 Old Castle Road, SA15 2SN: £128,000 3 Bedroom Terrace Sold on 17/01/23

Examples of properties On the Market (OTM), Sold subject to contracts (SSTC) or Under Offer (U/O) within a 1/2 mile square radius and for sale up to the value of £160,000

SSTC £129,995 16 Brynmor Road, SA15 2TG 3 Bedroom Terrace Listed on 15/09/23 Willows

SSTC £127,000 145 Old castle Road, SA15 2SW 3 Bedroom Terrace Listed on 17/04/23 Willows Reduced on 26/06/23

U-O £140,000 68 Brynmor Road, SA15 2TG 4 Bedroom Terrace Listed on 08/02/23 Dawsons Reduced on 28/11/23

OTM £135,000 17 Brynmor Road, SA15 2TF 3 Bedroom Terrace Listed on 22/08/23 Falcon

OTM £159,995 66 Albert Street, SA15 2SU 3 Bedroom Terrace Listed on 16/01/24 Mallard Reduced on 20/02/24

OTM £149,995 36 Albert Street, SA15 2TA 3 Bedroom Terrace Listed on 08/01/24 Dawsons Reduced on 01/02/24

OTM £140,000 7 Min Y Mor, SA15 2ST 3 Bedroom Terrace Listed on 02/02/24 Willows

OTM £139,995 126 Old Castle Road, SA15 2SW 3 Bedroom Terrace Listed on 14/02/24 Dawsons

OTM £120,000 85 Old Castle Road, SA15 2SW 3 Bedroom Terrace Listed on 08/03/24 Dawsons

2. Buy-To-Let (BTL) rental at £850 per calendar month.

Estimated Income Three-bedroom mid-terrace property = £750 to £900 PCM (per calendar month).

Cashflow if the property is refinanced at an estimated valuation of £135,000 (75% LTV = £101,250 @ 5.75% New Interest Only mortgage) = £485.16

[ £850 less monthly lettings fees (10%) and *less monthly maintenance cost (10%) ] = £194.84

Cashflow @ 5.75% = £194.84 per calendar month       ROI* = 23.3% BEP** = 4 years and 3 months

(*) meaning £1,020 saved per annum towards any repair bill/ cost

Examples of rental properties within 1/2 mile-square radius and up to £850 (within the last 3 months)

For Let £850 Cwrt Elusendy, Llanelli 3 bedroom Terrace Listed 23/02/24 Peter Alan

Let Agreed £725 Glasfryn, Llanelli 3 bedroom Terrace Listed 27/12/23 Silver Oak

Let Agreed £600 Prospect Place, Llanelli 1 bedroom Apartment Listed 08/01/24 Ramsay & White