Property Description: 

This is an auction purchase. The property goes to Auction 29th Jan however we have insider information that the owner is willing to accept £35,000 now. This presents an easy entry with a low purchase price for a decent flat, offering the potential for good monthly return on investment (ROI).

This charming two-bedroom flat located in Harverford West offers a fantastic opportunity for investors and homeowners alike. While the flat requires some renovation, including updates to the kitchen, bathroom, front door, electrical and plumbing systems, as well as fresh paint and flooring, the end value is projected to be around £60,000, making it a compelling cash auction purchase.

Key Features:

• Two Bedrooms: Spacious enough for a small family or as an investment rental.

• Renovation Potential: The property offers a great chance to add value through renovations, including a new kitchen and bathroom.

• Investment Opportunity: A similar flat in the same block has proven to be a lucrative rental for our client, demonstrating the strong rental demand in the area.

Area Highlights:

Schools: Haverfordwest is home to several reputable schools, making it attractive for families. Notable institutions include:

• Haverfordwest High VC School (Secondary)

• Pendergast Primary School (Primary) These schools have a good reputation for academic performance and extracurricular activities.

Transport Links: The flat is conveniently located near Haverfordwest's transport options, providing easy access to neighbouring towns and cities.

• Train Services: Haverfordwest has a train station, with regular services to Pembroke Dock and Cardiff, making it ideal for commuters.

• Bus Routes: Local bus services offer connections to surrounding areas, ensuring accessibility for residents without a vehicle.

Local Amenities: The flat is situated close to a variety of amenities, including shops, cafes, and parks. The historic town of Haverfordwest also boasts attractions such as Haverfordwest Castle, providing both cultural and recreational opportunities.

In summary, this two-bedroom flat is not only a cozy living space but also represents a valuable investment opportunity in a well-connected area with strong rental demand. With some thoughtful renovations, this property could easily transform into a sought-after home or rental unit.

Number of Bedrooms (current): 2

Is there potential to add a bedroom?: No

Reception Rooms: 1

Bathrooms/shower-rooms: 1

Property Asking Price: Auction Property

Agreed Sale Price: £35,000

Fair Market Value (DUV): £60,000

Comparable 1: 36 Goshawk Road, SA61 2UB £55,000 Two Bedroom Apartment Sold date = 17/01/24

Comparable 2: 28 Goshawk Road, SA61 2UB £70,000 Two Bedroom Apartment Sold date = 19/01/24

Comparable 3: 32 Harrier Road, SA61 2TU £58,500 Two Bedroom Apartment Sold date = 21/01/24

Comparable 4: On The Market £65,000 Montague Court, Peregrine Close, SA61 2TG Listed date on 25/11/24 Popular Move

Comparable 5: On The Market £69,995 Harrier Road, SA61 2TT Listed date on 18/11/22 John Francis

Comparable 6: On The Market £70,000 Harrier Road, SA61 2TT Listed date on 06/12/24 West Wales Properties

Comparable 7: On The Market £68,000 Sanderling Close, SA61 2YA Listed date on 10/12/24 FBM Wales

Comparable 8: SOLD STC £60,000 35 Goshawk Road, SA61 2TY Listed date on 19/06/24 West Wales Properties

Comparable 9: SOLD STC £60,000 21 Goshawk Road, SA61 2TY Listed date on 29/11/24 West Wales Properties

Comparable 10: SOLD STC £65,000 Goshawk Road, SA61 2TY Listed date on 15/07/22 John Francis

Market Status: auction

Why is the property being sold?: Distressed Seller

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

Refurbishments Required: 

Rip Out and Prepare for Build: 
Remove existing fixtures and fittings in the kitchen and bathroom.
Clear out any damaged materials in preparation for renovations.

Electrical Upgrades: 
Assess and replace outdated electrical wiring and fixtures.
Install new outlets and switches as needed to meet current safety standards.

Plumbing and Heating Upgrades: 
Upgrade plumbing pipes and fixtures in the kitchen and bathroom.
Install or service the heating system to ensure optimal performance.

New Kitchen Installation: 
Design and install a modern kitchen layout, including cabinets, countertops, and appliances.

New Bathroom Installation: 
Design and install a contemporary bathroom, including a new bathtub/shower, toilet, and sink.

Painting and Decorating: 
Prepare surfaces and apply fresh paint throughout the flat, focusing on a cohesive colour scheme.
Add decorative touches such as trims or molding as desired.

Carpet and Flooring Installation: 
Remove old flooring and carpets, replacing them with new materials that match the desired aesthetic.

New Front Door Installation: 
Replace the front door with a new, secure, and aesthetically pleasing option.

This renovation schedule provides a clear pathway to transforming the flat into a modern, comfortable living space, enhancing both its appeal and value.

Estimated Refurbishment Costs: £15,000

BTL Figures:

Purchase Price: £35,000

Refurb Costs: £15,000

Legal Costs: £3700 (of which includes auction fees of £2100)

Stamp Duty: £0 (below £40,000 is no stamp duty)

Survey: Not necessary in our opinion however budget £450 for peace of mind.

Tiger Burrows Consultation Fee's: £1000

Estimated Rental Income: £650

New Mortgage: You will require a specialist lender to gain a mortgage on a property under £75,000 in value. Anticipated monthly cost of £187,50

Stress Test Mortgage: £225

Estate Agent Rates: £65

MOE: £65

Cash Flow Most Likely: £332.50

Cash Flow Stress Test: £295