3-bed mid-terrace — Gorton, Manchester area
Probate sale · vacant · tired but structurally sound · BRRR + BTL
At a glance
1The property
- 3-bed mid-terrace, ~850 sqft
- Freehold tenure
- EPC rating D
- Vacant — probate sale
- Dated 1990s kitchen & bathroom
- Sound roof and structure
- Gas central heating
- No known structural defects
2Location & demand
Gorton (M18) sits roughly 2.5 miles east of Manchester city centre. The area benefits from a strong young-professional and student rental base — Manchester Metropolitan University and the city commute are both easily reachable. It's part of an active regeneration corridor, has good transport links (bus and tram), and historically low void risk for well-presented 3-bed terraces. Tenant demand outstrips supply at this price point.
3The numbers (net, audited)
| Purchase price | £150,000 |
| Buying costs — total | £10,600 |
| SDLT (incl 5% additional surcharge) | £8,000 |
| Legals | £1,500 |
| Survey | £600 |
| Broker fee | £500 |
| Refurb (incl contingency) | £18,000 |
| Finance / holding (6mo bridging) | £5,000 |
| All-in cost | £183,600 |
| GDV / End Value | £210,000 |
| BRRR refinance @ 75% LTV | £157,500 |
| Money left in after refinance | ~£26,100 |
| Annual rent (gross) | £14,400 |
| Net rent (after ~25% costs) | ~£10,800 |
| Net yield on all-in | 7.2% |
4Strategy
Refurb to ~£210k GDV, refinance at 75% LTV, pull back ~£157.5k. Leaves ~£26k in deal. Holds a 7%+ net yield against all-in cost.
3–4 rooms near MMU. Strong student / young-professional demand. Check Article 4 direction before committing — Gorton's status changes by ward.
Refurb and sell at ~£205–210k. Roughly £20k gross margin — thinner once costs and tax are deducted, but viable as a clean exit.
5Comparables — the proof
Sourced from HM Land Registry
| Address | Sold | Date | Condition |
|---|---|---|---|
| 92 Example Rd | £205,000 | Aug 2025 | Refurbished 3-bed terrace |
| 14 Example Ave | £198,000 | May 2025 | 3-bed terrace, good order |
| 47 Example Rd | £190,000 | Nov 2024 | 3-bed, needs work |
Supports an as-is value of ~£190–195k and a refurbished GDV of ~£205–210k.
6Recommended offer & negotiation
- Offer at or below £150,000.
- Probate sellers value speed and certainty over a marginally higher price — lead with cash position and a quick completion timeline.
- Do not exceed £151,000. Above that, the BRRR refinance math stops pulling enough capital back and the deal loses its A-grade thesis.
7Risk register
- Probate timeline / chain delays
Mitigation: Confirm grant of probate is issued before exchange; build a 3–6 month timeline into your finance plan.
- Damp, roof, electrics condition
Mitigation: Full Level 3 survey and electrical (EICR) report before exchange — already costed in the £600 survey line.
- Tenure
Mitigation: Confirm freehold title via Land Registry pre-offer.
- EPC / MEES compliance
Mitigation: EPC D is currently lettable; budget ~£1.5k of refurb spend toward a C if you intend to hold post-2028.
- Construction type
Mitigation: Standard brick / cavity — no PRC, no cladding, no non-standard construction risk flagged.
8What you get with a real £197 lead
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This is a sourced property lead with estimated figures. Buyers must complete their own due diligence before selling the deal, making an offer, or presenting it to an investor.
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