Property Description: 

This tenanted property presents a unique investment opportunity in the heart of Neath. Currently under an agreed sale prior to auction, it requires cosmetic renovation but is in overall decent condition. The property is being sold by an asset manager after repossession, presenting a chance for an investor to step in and revitalise this family home.
The current tenants, a lovely family who have consistently paid their rent, are keen to remain in the property post-renovation. They have expressed a willingness to move out during the refurbishment and are eager to return, agreeing to a rental rate of £800 per calendar month. This not only ensures a reliable income stream but also reflects the strong demand for rental properties in the area.
Neath is known for its community atmosphere, making it an attractive location for families and professionals alike. The property is well-positioned with easy access to local schools, shops, and essential transport links, fostering a convenient lifestyle. Its proximity to public transport connects residents to nearby towns and cities, enhancing its appeal to commuters.
Investors can expect stable property values in this area, supported by ongoing regeneration efforts aimed at improving local infrastructure and amenities. With the potential for capital appreciation and a dependable rental yield, this investment is backed by solid local market fundamentals.
Comparable sales in the vicinity show a favourable trend, justifying the end value post-renovation. This property not only represents a promising income-generating asset but also contributes to the community's revitalisation. For investors looking for a property with potential, 6 Herbert Rd stands out as a sound investment choice.

In order to proceed with this purchase you will require;
1. ID
2. Proof of Funds Or Lending Approved with deposit
3. Solicitor
4. 10% to pay at the start of the contract plus Auction Fees
5. Complete the purchase in 28 days.

Number of Bedrooms (current): 3

Is there potential to add a bedroom?: No

Reception Rooms: 1

Bathrooms/shower-rooms: 1

Property Asking Price: £50,000 - Starting Auction Price

Agreed Sale Price: £50,000

Fair Market Value (DUV): £100,000

Comparable 1: Sold £100,000: https://www.rightmove.co.uk/house-prices/details/england-144060638-21505375?s=9e5ad83c447f26d8eb7610aa3224032cd848d1279dc1a7da2400fc6f3ff5f075

Comparable 2: Sold £114,000: https://www.rightmove.co.uk/house-prices/details/england-144426932-21505378?s=48b0032761803788bf1a1a0f132a0225b12fd51ab8c9ff8732dbde3c2e4e547b

Comparable 3: Sold £110,000: https://www.rightmove.co.uk/house-prices/details/england-127637558-18381484?s=3fc6648828536fc34002732c556482b9511caae41e174dcc2747580e72ef42e7

Comparable 4: Sold £112,500: https://www.rightmove.co.uk/house-prices/details/england-131769866-19987588?s=8358501163fc484c6cb203634d04a8b858681fb1b241302672c41a85f36f7ac2

Comparable 5: Sold £106,000: https://www.rightmove.co.uk/house-prices/details/england-141947285-21242326?s=39df7981be463929bf12738c4a333c1511da3d77ff45829b7552908959c28cb4

Comparable 6: Sold £116,000: https://www.rightmove.co.uk/house-prices/details/england-142669571-20485441?s=8994bff25f8207805b26017889cca3b60d3222edb6c7d4f25a59de39fe226994

Market Status: Outside Auction Sale Agreed (Auction Terms Apply)

Why is the property being sold?: The landlord or co-operate selling off assets

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 with sit-in tenant

Exit Strategy 2: BTL

Exit Strategy 3: Capital Growth

Potential Target Demographic: Families

Refurbishments Required: 

Total Renovation Costs: £30,575

Rip Out: £1,200
Waste Removal: £1,200
Chimney Removal: £1,500
External Works Budget: £1,000
External Painting: £1,200
Kitchen Supply and Fit: £4,500
Bathroom Supply and Fit: £4,000
Plumbing and Heating (Services and Certification): £1,000
House Plastering: £3,500
Electrical Work: £1,500
Woodwork (Doors and Joinery): £2,175
Paint and Decoration: £2,200
Carpet and Flooring: £2,400
Curb Appeal: £500
Management TB: £2,700

Estimated Refurbishment Costs: £30,575 (Including TB renovation management)

Flip Figures

Purchase Price: £50,000

Refurb Costs: £30,575

Entry Legal Costs: £1600 legals + £4500 buyers auction Premium = £6100 (likely cheaper)

Exit Legal Costs: £1000

Stamp Duty: £2,750

Survey Costs: £450

Tiger Burrows Consultation Fee: £1997

Estimated 6 months bills costs: £750

Estate Agent Selling Fees: £2500

Total Costs for investor: £95,122

Re-sale price (DUV): £100,000

Estimated Flip Profit: £4,878

BTL Figures

Purchase Price: £50,000

Refurb Costs: £30,575

Legal Costs: £6100 (all fees considered, likely cheaper)

Stamp Duty: £2750

Survey: £450

Tiger Burrows Consultation Fee's: £1997

Estimated Rental Income: £800

New Mortgage: £312.50

Stress Test Mortgage: £375

Estate Agent Rates: £80

MOE: £80

Cash Flow Most Likely: £327.50

Cash Flow Stress Test: £265