Add 2 bedroom to maximise returns on the Flip or BTL in Neath!

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sold out

Add 2 bedroom to maximise returns on the Flip or BTL in Neath!

249.00

Reserve this investment opportunity for £249

Figures in Brief:
Asking Price: £65,000
Sale Agreed at: £58,250
Estimated Done Up Value: £102,000
1st exit: Flip Profit: £14,246
2nd exit: Cash Flow (BTL): £276 - Money out in 2.5 years

Property Description: Situated within walking distance to Neath Town centre and train station is this mid terraced property, which is in need of renovation throughout. Initial improvements were made but significant investment to complete. Please be aware that there is no kitchen facilities therefore property would require bridging or Cash purchase! The property does benefit from partially done refurbishment by the vendor who inherited this property and wanted to do a project but unfortunately run out of funds and decided to sell.. Brand new beautiful uPVC double glazing throughout- Sash windows!! New front and back doors and a modern gas fired central heating boiler with contemporary radiators fitted- some in awkward s positions - next to windows ect which will have to be corrected . The property will make an ideal buy to let investment. The accommodation comprises a modern composite door with fan light above into an entrance porch which leads into leads into the entrance hallway, which in turn gives access into the lounge, with a uPVC double glazed sash window to front, a feature fireplace with brick inset flagstone hearth, ornate wooden surround mantel and fitted mantel mirror over. The fireplace is flanked by arched recesses, one of which houses the electric and gas meters.
Obscured glazed, double sliding doors flanked by matching side panels, leads through to the dining room, which has a glazed door with fan light above leading to the courtyard garden. It has part parquet wood block flooring and a wood burning stove set within a fireplace flanked by recesses. Stairs rise to the first floor, with proposed storage cupboard below. Beyond the dining room, would be the kitchen with sash style window to side, it has part tiling to walls and has space and plumbing for sink unit and an electric cooker. Beyond the kitchen is the rear hall/utility room with glazed pedestrian door to side. It houses a wall mounted Baxi gas fired central heating boiler and space for automatic washing machine, the room has been plastered but not finished. Off the rear hall/utility room is a proposed wet room and WC with an obscured glazed sash window to rear, it has the plumbing and waste pipes in place for a low level WC and wet room floor shower with a wall mounted electric Dimplex shower unit. The room has been plastered but not complete. That room we suggest to convert to family bathroom and the original bathroom upstairs change in to spacious double size bedroom.
The first floor landing with loft inspection point and built in storage cupboard gives access to the two bedrooms. Bedroom one is a generous sized double bedroom with two windows to front, there is part exposed wood flooring and has louvre style doors into shallow built in storage cupboards with hanging and shelf space. Bedroom two has a window to rear. It has exposed wood flooring and has a recess with hanging and shelf space. The first floor bathroom is a generous sized room with a coloured four piece suite, comprising corner panelled bath, shower cubicle, low level WC and sink unit.
Outside, to the front of the property is a paved pathway with steps leading to the front door and a paved forecourt garden. To the rear, is a low maintenance paved courtyard garden. The garage measures 10'9" x 14'5" widening to 17'9", it has a single up and over door from the rear lane and pedestrian door into the courtyard garden. It has a box profile roof and an obscured glazed window to rear. The pedestrian rear lane access from the courtyard has been blocked up but could be opened, should a purchaser wish.
Potentially there is an option of creating 4th bedroom by splitting front bedroom however the rooms would be quite small but you may wish to consider, 4 bedroom house would rent in region of 650 per month in this area.

Due to location and high rent demand in the area it would be perfect buy to let property!.

Add To Cart

Property Information:
Property Address: Eastland Road, Neath SA11

Number of Bedrooms (current): 2

Is there potential to add a bedroom?: yes 2

Reception Rooms: 2

Bathrooms/shower-rooms: 1

Property Asking Price: £65000

Agreed Sale Price: £58250

Fair Market Value (DUV): £102,000

Comparable 1: December 2017 - Eastland road 2 bedroom terraced house- in need of full Refurbishment- Sold £70.000

Comparable 2: August 2018- within 1/4 of mile 3 Bed Terraced house- good condition- £103.500

Comparable 3: STC- Eastland road 3 bed terraced house- Dated but clean in need of modernization/old kitchen ect. Asking price £84.000

If no comparables, please state why there are no direct comparables: EA estimated as 3 bedroom house with parking space should achieve within £95.000-£100.000 so 4 bedroom would be stronger and they are in demand so £102,000 is conservative.

Market Status: Sale Secured by Sourcing Agent

Why is the property being sold?: Sale identified by sourcer (open market)

Is the property in a lettable condition: No

Is the sale price negotiable?: No

Property Type: House

Freehold or Leasehold: Freehold

Is the property part of portfolio?: No

Exit Strategy 1: BTL

Exit Strategy 2: Cash Purchase Flip (or bridge)

Exit Strategy 3: Capital Growth

If HMO strategy please select: N/A

Potential Target Demographic: Families


Refurbishments Required

Refurbishment Costs: £18.000

Rip Out
Rewiring
Add 3rd and 4th bedroom.
Plastering
New Kitchen and tiles
New Bathroom and tiles
Paint and Decorating
Carpet and Flooring
Optional garage demolish and creating parking space

SMP can supply and build team and project manage for 10% of the build costs.


Flip Figures (Buy, Renovate, Sell)

Purchase Price: £58,250
Refurb costs: £18,000.00
Entry legal costs: £1200.00
Exit legal costs: £1200.00
Stamp Duty: £1747.00
Survey: £450.00
Broker Fee: £400.00
SMP Consultation Fee: £2497.00
6 months of bills: £1500.00 
Estate agent selling fees: £1744

6 months mortgage @3.5% £764.53

RESALE PRICE: £102,000

Profit: £14,246


BTL Figures (Buy To Let)

Purchase Price: £58,250
Deposit required 75% LTV: £14,562
Refurb costs: £18,000.00
Legal costs: £1200.00
Stamp Duty: £1747

Survey: £450.00
Broker Fee: £400.00
SMP Consultation Fee: £1997.00
6 months of bills: £1500.00
6 months mortgage: £764.53

Rental Income: £625.00
New Mortgage (3.5%): £223.13
EA Rate (10%): £60.00
MOE rate (10%): £60,00

CASH FLOW: £276.88

Money Left In: £8309

Years to paid back: 2.5 years 


Area Description: Neath is a historic settlement that dates back to Roman times. It developed as an important market town for the surrounding rural areas, and more recently, it has emerged as a regional centre of industrial and commercial activity. The town itself has a friendly and intimate ambiance, much of which it derives from its historic street layout and buildings. Neath Town centre redevelopment is a key part of the Council’s overall regeneration strategy, working to make the County Borough an attractive place to live, visit and do business. The retail area is currently undergoing a large programme to make Neath a top spot for shoppers from across the region. Neath is the first development in the country to benefit from the Regeneration Investment Fund for Wales. Funded by the Welsh Government and the European Union, RIFW provides funding to stimulate and support urban development projects. Local Amenities: Investing in town centre and supporting local businesses is one of the Council’s priorities for improvement, and the vision for Neath is to create an attractive, vibrant and competitive town that meets the needs of businesses, shoppers and visitors, whilst retaining its market town character. Businesses in Neath Town Centre have voted to establish a Business Improvement District (BID) which will generate £500,000 in additional funding for the town over the next five years. Neath transport services are linked to the major routes across Wales and into England. Great Western Rail services run to Cardiff, Newport, Bristol, Swindon and onto London to the east, and then to the west servicing Swansea, Carmarthen and West Wales. The National Express bus service also stops in Neath Town Centre. There are numerous primary and secondary schools throughout Neath, Skewen and Briton Ferry. Statistics show that pupils in their last year of compulsory education achieved an average of 5 GCSEs and scored slightly higher than the overall Welsh averages. 
Neath Port Talbot Hospital is a major acute secondary care 270-bed hospital located in Port Talbot, Wales. It is sited on Baglan Moors beside Afan Way. Neath itself has 3 medical centres; Waterside Medical Practice on Brunel Way in Briton Ferry, Queens Road Medical Centre on Queen's Rd in Skewen and Dyfed Road Surgery on Dyfed Road in Neath centre. Nearest Train Station: Neath 0,7 mile, Briton ferry 1 mile, Skewen 1.7 miles closest buss stop 0.1 mile Any key journey times: The house is localisation on high demand street where distance to town centre is only 0.7 miles. Would be perfect for families as there has been brand new school opened in September 2018 the so called "super" school is 0.7 miles and set in a large site with its own playing fields and large playground. It provides an exciting and innovative learning environment designed to a high specification to meet the needs of the local community. There is an infant school and a junior school within 5 min walking distance. House is situated very close as well to local supermarkets Aldi only 5 minutes and take away shops found within 5 min


The fine Print
SMP operates in trust with its potential investors. SMP is registered with the Property Ombudsman Group. SMP prides itself on delivering BMV deals with accuracy and confidence. The sourcing fee for this deal is £2497 which is paid on completion of the sale. A £249 deposit is required to secure the deal which is refundable if the investor decides not to proceed to an agreed sale with the vendor, ie after viewing. The deposit is not refundable if the investor pulls out of the purchase after sale agreed. 

SMP takes no responsibility if deals “fall through” for matters out of our control. It is always highlighted that property investment carries an element of risk and ultimately a deal may not be successful. There for deal owners are advised to carry out their own due diligence to confirm for themselves the findings SMP present. SMP has no control of the UK property market prices and investments can be lost or profit margins shortened with the fluctuating market