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House and land Neath Abbey

This is a direct to vendor house that has enough land to the side to provide another dwelling.  Mostly in good condition with a need for a modernised kitchen and bathroom plus a freshen up of paint and carpets it's a spacious property that has 3.5 bedrooms, the 4th has been built in the roof space but has ceilings that are too low.  I'm not the tallest person and I've taken some pictures showing the ceiling height compared to me.

There are many options for this, four of which are:

1.  The houses to the right as you look at it are taller so you could raise the roof and add a third floor properly so the space can be utilised.

2.  Some of the properties to the left are purpose built blocks of flats so you could extend up and across to create a block of 6 flats.

3.  Split the title and get planning for a second house on the left.

4. Combine options 1 and 3.

5. Lightly refurbish and rent the property as it stands.

6. Combine options 3 and 5.

The property is available for £100k and as it stands is worth £113,000 according to the home track report which won't take into consideration the refurbishments done since 2012 when it last changed hands.

Valuation

£140k

R.O.CE.

24%

Flip

13%

Equity

£20k

Money Left In

£15k

Months To 100% Return

49.3

Sale Comparables

Here is a range of comparables, values vary significantly based on specific location and the type of property.

Rental Values

We will be able to rent this for £650 / month as a single let property.


Refurb Timeline

Our refurbs are organised as follows:

20% Up Front

Extra payments as and when each stage is completed.  

Photo and video evidence will be provided at each stage and you can also visit whenever you like.

This will take approximately 6 months to complete.

  • 3 fLATS AND LAND
  • 36 mORFYDD stREET
  • 82 Mansel Street
  • 382 & 384 Clydach
  • 312 LLANGYFELACH

3 Flats and land - Swansea

This is a combination of 2 titles under the same deal, 3 flats and the land to the side.

The 3 flats are direct to vendor and will value at £70k each all done.  However, they just need a tidy up and 2 of them will rent almost immediately.  Individually valued at £65k - £75k each they will deliver a bare minimum ROCE of 32% as they stand.

However, the land next to them is spacious enough to put a new detached dwelling on, a 3 bed new build with a driveway at the rear would command north of £150k.  There's also the possibility of changing the entire plot into a block of flats 2 or possibly 3 storeys high.

What I recommend is purchasing the unit and splitting the land off at the same time so that both options can be exercised if chosen.

In regards to the new build, obtaining planning and selling the development opportunity would deliver over £50k in extra profit (likely far more).

The calculations sheet below is only for the flats as they stand without any consideration for the new build plot.

Valuation

£210k

R.O.CE.

32%

Flip

7%

Sale Comparables

We have valued this at £65 - £70k per flat based on the size and location, this is a bare minimum valuation as the comparables for flats vary significantly based on exactly where they are, I have included a range in the report below from poorly kept flats in low end areas to higher end ones to show the variance.  The variance is the reason that I have kept the projections low, realistically we should be looking at £80k - £85k per flat in this area.

Refurb Timeline

Our refurbs are organised as follows:

20% Up Front

Extra payments as and when each stage is completed.  

Photo and video evidence will be provided at each stage and you can also visit whenever you like.

This will take approximately 6 months to complete.

Apologies for the racism in the video below, all one can do in such situations is laugh it off and carry on.

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