Property Description: 

Overview: With lending in place, an investor only needs an estimated £45,000 in total to purchase and renovate this house! For it to value out at £130,000. This property presents an excellent investment opportunity for both new and seasoned investors. Positioned in a desirable area of Neath, this entry-level buy-to-let (BTL) property is primed for return on investment.

Property Details: The house requires minimal internal work, so it is ready for letting with just a few touches. While some repairs are needed—specifically to the flat roof over the kitchen and tiling in the main house—these manageable issues have deterred potential homebuyers, allowing savvy investors to secure the property at a competitive price.

Key Features: One of the standout benefits of this property is the large garage with off-street parking. This feature not only adds convenience for tenants but also enhances the property's appeal in a market where parking is often at a premium. Such amenities can significantly boost rental demand and tenant satisfaction.

Location Benefits: Situated in Neath, this property is strategically located near key amenities. It’s within walking distance to local schools, making it attractive for families. For professionals, the proximity to transport links ensures easy commuting to nearby cities, enhancing rental demand.

Market Dynamics: The area is known for its stable property values, which provide a solid foundation for investment. Recent sold comparables in the vicinity justify the end value, highlighting the potential for healthy appreciation. The current rental market in Neath shows promising demand, with a strong interest from tenants, including those on income support.

Regeneration and Growth: Neath is undergoing significant regeneration, which is expected to drive property values upward. Investments in local infrastructure and amenities will further enhance the appeal of the area, solidifying it as a sound investment choice.

Conclusion: In summary, this is a strategic investment opportunity with great potential for rental income and property appreciation. Its location, minimal required repairs, and the large garage with off-street parking make it an attractive option for investors looking to expand their portfolio. Don’t miss out on this chance to capitalise on a property that promises both stability and growth.

Number of Bedrooms (current): 2

Is there potential to add a bedroom?: No

Reception Rooms: 1

Bathrooms/shower-rooms: 1

Property Asking Price: £109,000

Agreed Sale Price: £91,000

Fair Market Value (DUV): £130,000

Comparable 1: 2 Bedroom Terraced Sold £132,000: https://www.rightmove.co.uk/house-prices/details/england-147234437-21505369?s=4d2960c27845b8175067c07696f942f9c98f227542fcc3cd931c8f0eb9b07d4e

Comparable 2: 2 Bedroom Sold: £120,000: https://www.rightmove.co.uk/house-prices/details/england-136129124-20242486?s=814db5906683a33b5672cb19861b860104f7864f67fce65549664337db5760d5

Comparable 3: 2 Bedroom STC £130,000: https://www.rightmove.co.uk/properties/157513115#/?channel=RES_BUY

Comparable 4: 2 Bedroom STC £135,000: https://www.rightmove.co.uk/properties/157488467#/?channel=RES_BUY

Comparable 5: 3 Bedroom Sold £149,000: https://www.rightmove.co.uk/house-prices/details/england-115938497-93908487?s=bd2c1f07aa62879a29ae3e3776d6a5e2bf835b984db45d619e62222e56b93216

Comparable 6: 3 Bedroom Sold £194,000: https://www.rightmove.co.uk/house-prices/details/england-139715831-20485432?s=bb12e6fe92b617f461d8cab298f00e094660f4100c637c98fd0c4372c44c45f9

Market Status: on the market

Why is the property being sold?: Distressed Seller

Is the property in a lettable condition: Yes

Is the sale price negotiable?: No

Property Type: House

Freehold or Leasehold: Freehold

Is the property part of portfolio?: Unknown

Exit Strategy 1: BTL

Exit Strategy 2: Capital Growth

Exit Strategy 3: Cash Purchase Flip (or bridge)

Potential Target Demographic: Families and professionals.

Refurbishments Required: 

4-Week Renovation Schedule

Week 1: Initial Repairs and Assessments
Day 1-2: Conduct an electrical test and obtain certification.Cost: £450 
Day 3-4: Service the boiler and obtain certification.Cost: £450 
Day 5-7: Start repairs on the flat roof at the rear.Cost: £1200

Week 2: Roofing and Drainage
Day 8-10: Complete flat roof repairs. 
Day 11-14: Repair main roof tiles.Cost: £2500 
Day 14: Begin installation of eco drain at the front to aid water flow away from the house.

Week 3: Interior and External Works
Day 15-16: Complete the installation of the eco drain. 
Day 17-19: Level the kitchen floor.Cost: £400 
Day 20-21: Replace blown glass on windows.Cost: £250 
Day 21: Start external painting.Cost: £2500

Week 4: Finishing Touches
Day 22-24: Complete external painting. 
Day 25-27: Replace kitchen vinyl.Cost: £250 
Day 28: Paint and decorate the interior with a full white finish.Cost: £2200 
Day 28: Add new door handles to internal doors.Cost: £250

Total Estimated Cost: £12,500

Estimated Refurbishment Costs: £12,500 (Tiger Burrows can offer full hands off renovation management for £1600)

BTL Figures

Purchase Price: £91,000

Refurb Costs: £12,500

Legal Costs: £1600

Stamp Duty: £4,550

Survey: £450

Tiger Burrows Consultation Fee's: £1997

Estimated Rental Income: £850

New Mortgage: £406.25 @5%

Stress Test Mortgage: £487.50 @ 6%

Estate Agent Rates: £85

MOE: £85

Cash Flow Most Likely: £273.75

Cash Flow Stress Test: £192.50

Flip Figures

Purchase Price: £91,000

Refurb Costs: £12,500

Entry Legal Costs: £1600

Exit Legal Costs: £1000

Stamp Duty: £4,550

Survey Costs: £450

Tiger Burrows Consultation Fee: £1997

Estimated 6 months bills costs: £750

Estate Agent Selling Fees: £2500

Total Costs for investor: £115,347.

Re-sale price (DUV): £130,000

Estimated Flip Profit: £14,653