Very little refurb in this cash flowing Gloucester apartment

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Very little refurb in this cash flowing Gloucester apartment

249.00

Reserve this investment opportunity for £249

Figures in Brief:
Sale Agreed at: £87,000
Market Value: £115,000
1st exit: Cash Flow (BTL): £ 132 (after service charges)

2nd exit: Flip Potential Profit: £15,269

Property Description:Ideal professional apartment in fairly new development! This two-bed property is perfectly situated to accommodate professionals that work in the Gloucester Royal Hospital, but is also right on one of the main transport links into the centre of Gloucester to accommodate other professionals that need to commute as well. The rental market is exceptionally good and this property is likely to rent within 4 weeks. The remaining lease on the property is 111 years (Last record they have was that it was 125 back in 2005). There is a service charge / management fee of £1,512.00 p.a. and a ground rent of £50 p.a. Parking is provided at the back of the building, however this not allocated and operates on a first come / first served basis. Flat Layout - It has one double and one single room, with the master bedroom having fitted wardrobes. A modern bathroom sits between the master bedroom and a well-equipped kitchen which is attached to a large sunny living area.

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Property Information:


Property Address: London Road, Gloucester

Number of Bedrooms (current): 1

Is there potential to add a bedroom?: No

Reception Rooms: 1

Bathrooms/shower-rooms: 1

Agreed Sale Price: 87000

Fair Market Value (DUV): 115000

Comparable 1: https://www.rightmove.co.uk/property-for-sale/property-72089725.html

Comparable 2: https://www.rightmove.co.uk/property-for-sale/property-81343499.html

Comparable 3: https://www.rightmove.co.uk/property-for-sale/property-72089725.html


 Market Status: on the market

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

Is the property in a lettable condition: Yes

Is the sale price negotiable?: No

Property Type: Flat

Freehold or Leasehold: Leasehold

Is the property part of portfolio?: Unknown

Exit Strategy 1: Cash Purchase Flip (or bridge)

Exit Strategy 2: BTL

Exit Strategy 3: N/A

If HMO strategy please select: N/A

Potential Target Demographic: Professionals


 Refurbishments Required

Estimated Refurbishment Costs: £2000

Its in decent condition but needs light touch ups and cosmetic changes to help achieve the rent figure

Painting touch up

Securing heaters to wall


Flip Figures (Buy, Renovate, Sell)

Purchase Price: £87,000
Refurb costs: £ 2000
Entry legal costs: £1200
Exit legal costs: £1000
Stamp Duty: £2610

Survey: £450
Broker Fee: £400

SMP Consultation Fee: £2495

Estate agent selling fees: £1573

RESALE PRICE: £ 115,000

Potential Profit: £15,269

BTL Figures (Buy to let)

Purchase Price: £88,000
Refurb costs: £2000
Legal costs: £1200
Stamp Duty: £2610

Survey: £450
Broker Fee: £400
SMP Consultation Fee: £2497
Rental Income: £630
New Mortgage (3.5%): £251.56

Estate Agent Rate (10%): £63
Management & operating Expenses (10%): £63

Service Charge and Ground rent  £1560 PA

CASH FLOW: £132

Disclaimer : Perform your own Due Diligence. The ROI above is not a guaranteed return and is an indication of the potential based on achieving the relevant figures in all aspect of the purchase, refurbishment and refinance/resale. All figures will be subject to the buyers status and market fluctuations.


 

Area Description:  The building sits on the main transport route into the city centre, has easy access to the hospital and major motorway (M5 - Linking Birmingham and the North to Bristol and South), which will cater for commuters. South Wales (Cardiff and newport) are within easy access as well.


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(inc VAT) 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