We had a flip appear today, and taking a look at it, it was almost an immediate yes before doing the numbers as the opportunity to add value was immense by doing some land development style title splitting, subject to planning of course.
The basic numbers:
Total Spend: £105,000
Walk score: 40 Car-Dependent
This is a semi-detached house in a very car dependant area, so this doesn’t fit the Kevin Green criteria of near town centre as such. We typically wouldn’t go with a property with a walk score under 60 or even 70, however this one has land development potential as a bonus. As it stands, even without this potential development, the numbers work well, but it will be a fantastic one if we get the planning approval for the development. A few road humps stand in the way, like the telegraph lines going across the lawn, but is all allowed for.
This area has seen 2 property sales in the last 12 months at £135,000 and a 4 bedroom go for £155,000 nearby last year, so great potential if we get planning permission to split the land and add a couple of rooms.
The area has a few shops and a school nearby, and is pretty close to the M4. A full area analysis of SA5 is here: SA5 Area Analysis. Swansea Rd is one of the highest value streets in SA5, which is positive.
The returns are below:
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