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Year 5 disposal
BMV -9%
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40/ 100
Caution
9.84% return before costs — market rent unverified, verify rent + comps locally.
Why it works
- 9.84% return before costs — above-market
- Priced below market -9% vs 12 nearby sold (last 12 mo) — instant equity
- Stress Rent-covers-mortgage check PASS at 6.5% rate stress — lender-friendly
- Long lease (125 yrs) — no short-lease drag
Why to be cautious
- Service charge unknown — could swing £100-300/mo
- Floor area 474 sqft — small for the type
Property research tool — not a regulated financial service. Numbers are point-in-time estimates; how we decide →
Monthly cashflow
+£50/mo
Barely breaks even each month
Price vs market
Below market value
-9% vs 12 sold · interior unseen
Return · IRR
1.2%/yr
Modest annualised return
Cash left in
£55K
Stays in after refinancing at value
Price £165KCash to buy £67KReturn before costs on price 9.84%5-yr return on cash 12%Rent est. £1,353 (£1,284–£1,426)
How we define each return: On price — gross yield = annual rent ÷ purchase price. On cost — net yield ÷ total project cost (price + refurb + fees). On cash — cash-on-cash & ROI ÷ the actual cash you put in (deposit + costs).
What-if calculator
Rates as of 20 May 2026Buy-to-Let. Standard rental on an Assured Shorthold Tenancy. Single household, market rent, paid monthly direct to landlord (or via agent). (hover any strategy tab for pros + cons)
Offer (£)
Monthly rent (£)
Local comp range: £1,284–£1,426/mo · n=185
Financing
DepositYour cash in — the rest is the mortgage25% · £41,250
Standard 75% LTV for BTL
Mortgage rate5y fixed5.8%
5-year fixed at 75% LTV — 5.75% (as of 2026-05-20).
Mortgage term (years)
Stress rate6.5%
BoE base + 2pp stress (6.5%)
Acquisition costs
Refurb (£)
Per-property refurb estimate from the element rate-card model (£8,126–£15,168 range), VAT-inclusive
Legal + survey (£)
Leasehold flat — £1,500 legal + £500 survey
Mortgage fees (£)
2% product fee on £123,750 loan + £1,000 booking fee
Running costs
Management10%
Typical BTL agency rate
Void weeks
Typical voids for BTL
Insurance (£/mo)
Typical BTL building+landlord cover for sub-£200K
Maintenance (£/mo)
Semi/flat: £67/mo proxy
Leasehold costs
Result · Rent it out
Monthly profit
+£50
after mortgage, operating costs & tax
Rent in£1,353/mo gross
£1,301/mo collected · £52/mo lost to voids
Where it goes
£670Mortgage£569Costs
£50/mo left as profit · 4% of rent kept
Mortgage£670
Costs£569
Management£135
Maintenance£67
Insurance£20
CapEx reserve£68
Voids + council tax£8
Service charge + ground rent£167
Ltd co. accounts£104
Tax£12
Profit+£50
Returns
Return before costs on price9.84%
Cash return on cash0.90%
Gross margin£732
Cash needed£66,609
Monthly profit payback100+ yrs
Data confidence
Lender stress test
Rent-covers-mortgage check @ stress1.94
Rent-covers-mortgage check PASS · stress 6.5% (target 1.45)
Year-by-year Monthly profit (5-yr horizon)
Net Monthly profit after tax. Rent + costs compound at their growth rates; mortgage principal amortises year-by-year for repayment loans.
Mortgage paydownRent profitbefore price growth
Full year-by-year breakdown
| Year | Gross Rent | Op Costs | Mortgage | Equity Built | Tax | Net | Cumulative |
|---|---|---|---|---|---|---|---|
| Year 1 | £16,236 | £6,830 | £8,044 | £0 | £259 | £1,103 | £1,103 |
| Year 2 | £16,723 | £7,035 | £8,044 | £0 | £312 | £1,333 | £2,436 |
| Year 3 | £17,225 | £7,246 | £8,044 | £0 | £368 | £1,567 | £4,003 |
| Year 4 | £17,742 | £7,463 | £8,044 | £0 | £425 | £1,810 | £5,813 |
| Year 5 | £18,274 | £7,687 | £8,044 | £0 | £483 | £2,060 | £7,873 |
Disposal gain (gross)-£9,265
CGT£0
Net Disposal proceeds£177,619
What we verified
What we verified
61046 ok · 1 caution · 0 fail · 4 unknown
Legal & planning
Leasehold125 yr
Leaseholdmaterial factsListing extract
Ground rent
Doubling = lender risk
£200/yr
Extracted from listing description · verify with solicitor
Tenure & planning125 yr
Legal & planning
2 checks- TenureUnknown
- Lease lengthUnknown
Building condition
Energy ratingC
EPC& 2030 deadlineEPC register
▼
ABCDEFG
Current rating
Address-matched (ground truth)Band C
MEES 2030 compliance
C required for new tenancies
PASS
EPC band from listing · verify certificate before exchanging
Find EPC certificate →Cladding safety certificateA1
EWS1& cladding statusListing signal
OKInfoVerifyCritical
Severity
Inferred from listing text
Verify
Lender impact
No EWS1 / floor info in description. Buildings > 11 m need EWS1 or PAS 9980 — confirm height + status with the agent before offering.
Verify with lender
A1/A2 = mortgageable · B1 = mortgageable with plan · B2 = remediation required
RICS EWS1 guidance →HeritageNot stated on the listing
Heritage& planning constraintsNHLE register
We don't ingest the NHLE bulk register, so we can't flag listed-building or conservation-area status for this address from our data alone. Use the official registry to verify before exchanging.
Area
Flood riskChecking…
FloodriskEA
Crime riskChecking…
Crimeriskpolice.uk
SchoolsChecking…
Schools& Ofsted catchmentGIAS register
No schools indexed for this postcode sector.
Investor
Tenant profileStudent let
Tenant profilelikely cohortM3 4JE · 2 bed
Primary profile
Student let
Nearest university
for student-let assessment
Manchester Metropolitan · 1.5 km
Reason
1.5 km from a major UK university — student couples / individuals dominate 2-bed lets here.
Heuristic from postcode + bedrooms + nearest-university distance · verify locally
Refurb costEstimate ready
Refurb cost& works budgetQ1 2026 rates
New kitchen + bathroom + light replumb + decor.
Total estimate
2-bed · 2-bath · 581 sqft
£21k–£42k
£ per sqft
building cost only
£36–£72
Per-item breakdown (4 lines)
- Kitchen · Full unit replacement£3,840–£8,640
- 2 × bathroom · Full strip + retile£6,650–£13,300
- Paint + decor£4,067–£7,553
- Flooring · Carpet on bedrooms + LVT/laminate downstairs£6,391–£12,201
Guide rates · UK May 2026
Tier-based bands — get a builder quote before exchanging.
Rent by the room licensingN/A
Price & sale history361d on market1 price change
Sale price historythis address, HM Land RegistryPrice-Paid Data
Asking vs last sale
£210,600 in 2008 → £165,000 asking
-21.7%in 18y
- 2008£210,600+0.3% in 1y
- 2007£210,000—
HM Land Registry · Price-Paid Data (Open Government Licence). Growth percentages are nominal — not adjusted for inflation or local market movement.
Strategy matrix
Short-stay let / Airbnb wins — +£219/mo · £11/mo ahead of Council lease
| Strategy | Return before costs on price | Monthly profit | Cash needed | 5y Return on your cash on cash | Risk | Feasibility |
|---|---|---|---|---|---|---|
| Rent it out | 9.84% | +£50 | £66,609 | 11.8% | Low | Feasible |
| Housing-benefit rent | 6.35% | -£387 | £66,609 | -26.9% | Med | Feasible |
| Council lease | 9.84% | +£208 | £66,609 | 22.9% | Low | Feasible |
| Refurb & refinance | 9.84% | +£50 | £79,193 | 9.9% | Med | Feasible |
| ⭐ Short-stay let / Airbnb | 16.36% | +£219 | £66,609 | 24.2% | High | Feasible |
| Buy, improve & sell | 0.00% | -£358 | £191,218 | 3% | Med | Feasible |
| Rent by the room | — | — | — | — | — | Disabledneeds 3+ beds |
Short-let (SA) context243 active short-lets nearby
Short-let market context
- 243 active short-let listings in this postcode
- Superhosts earn +7.0% premium here
Housing-benefit (LHA) scheme detailBRMA Central Greater Manchester · cap £873/mo
Housing-benefit rent scheme detail
- Rental Market Area (BRMA):
- Central Greater Manchester
- LHA monthly cap:
- £873
- Scheme type:
- PSL
- Premium:
- +1000% premium over LHA cap
- Typical lease:
- 0 years lease
- Management:
- management covered by council
Ready to move on this deal?
Generates an offer pack with your numbers & sources — take it to the agent.
Pro analysis — outcome range, stress tests & portfolio impact
Local lettings demanddays-to-let · supply now · trend
Local lettings demandby strategyLive area data
Short-stay let36% occupancy
£207/night ADR
Based on 3 short-let comps nearby
Rent by the room conversion upside
+£95/mo cash flow vs Rent it out if converted to Rent by the room
17.45% Return before costs on price converted vs 9.84% as-is
As-is Rent it out
Monthly profit+£203
Return before costs on price9.84%
Cash needed£53,148
If converted to Rent by the room
Monthly profit+£298
Return before costs on price17.45%
Cash needed£69,148
Δ vs Rent it out Monthly profit+£95
Show conversion detail
Cannot Rent by the room:Only 2 bed — too small for an HMO (3+ unrelated tenants from 2+ households) without major reconfiguration.
Conversion cost estimate
£44,000
Range: £37,400 – £52,800
Fire safety, plumbing, partitioning, licensing.
Rates as of Apr 2026
Planning approval likelihood
Likely approvable · 62% likely
low confidence
- Article 4 direction applies — planning permission required for C3->C4 HMO
- no known HMOs within 100m (below threshold)
- local council HMO approval rate 61% (306 decisions)
≈0.0% within 100 m vs 10% policy
£42,977–£80,999full refurb + room split
What's in this cost
- Kitchen£9,180–£18,360
- 2 × bathroom£12,300–£22,550
- Rewire£2,324–£4,067
- Replumb£1,743–£3,486
- Windows£5,810–£10,458
- Paint + decor£4,648–£8,715
- Flooring£6,972–£13,363
Comparables
sold within 0.5 miWide · CV 36.0%Med confidence
Loading nearby sold…
Location & area intelligence
Transport score100 / 100
On the map
- Registered HMOs
- Approved HMO conversions
- Pending HMO applications
Manchester City-wide HMO Article 4
≈0.0% within 100 m vs 10% policy
Tax treatment
Annual gross rent£16,236
Section 24 credit£0
Annual tax due£259
Post-tax Monthly profit annual£479
Exit costs
Projected sale price (5y · 2%/yr growth)£182,173
Capital gain (pre-CGT)£17,173
Sale costs (~2.5%)£4,554
CGT due (Ltd Co 25%)£0
No personal CGT — the gain is taxed at the company level (corporation tax) when the SPV disposes of the property.
Net 5y Monthly profit after CGT£7,873
Rates as of Oct 2024
Acquisition costs
£66,609cash neededPurchase price£165,000
Deposit (25%)£41,250
Stamp duty+5% additional-property surcharge£9,050
Refurb£10,834
Legal + survey£2,000
Mortgage fees£3,475
Total cash neededdeposit + costs (loan covers the rest)£66,609
Green = verified data. Amber = market typical. Red = our estimate — verify before offering.
About this propertydescription · rightmove
Description& agent copyRightmove
Vie, by Redrow Homes lies between the River Irwell and Bridgewater Canal close to Manchester City centre and proves to be a popular location for renters.
In brief the property comprises of : Secure communal entrance with stairs / lifts to all floors, private entrance hallway with storage cupboard, spacious open plan living and kitchen area with integrated appliances, balcony with waterside views, two double bedrooms with the main being ensuite and a further bathroom with sho…
Floor plans
Nearby active comparables20 rentals · 4 deals
Comparable rentals
M3 · same beds + typeMedian nearby: £1,650/mo · 19 of 20 already let+£297 vs our est
- Anaconda cut, 100 Greengate, M3Let2b£1,675/moMay 2026
- Anaconda cut, 100 Greengate, M3Let2b£1,725/moMay 2026
- Anaconda cut, 100 Greengate, M3 7NGLet2b£1,700/moMay 2026
- Anaconda cut, 100 Greengate, M3Let2b£1,835/moMay 2026
- Anaconda cut, 100 Greengate, M3Let2b£1,750/moMay 2026
- Cortland at Colliers Yard, Salford, M3Let2b£1,820/moMay 2026
- Stanley Street, Manchester, Greater M…Let2b£1,482/moMay 2026
- Novella Apartments 15 Stanley Street…Let2b£1,725/moMay 2026
- Goodwin Building, 41 Potato Wharf, Ca…Let2b£1,400/moMay 2026
- Regent Road, Manchester, M3Let2b£1,450/moMay 2026
- The Slate Yard, M3Let2b£1,470/moMay 2026
- Riverview, M3Let2b£1,625/moMay 2026
- Riverbank Tower, Bridgewater Street,…Let2b£1,000/moMay 2026
- Cortland at Colliers Yard, Salford, M3Let2b£2,080/moMay 2026
- Manchester, Greater Manchester, M3Let2b£1,415/moMay 2026
- Admin Building, 6 New Bridge Street,…Let2b£1,250/moMay 2026
- Manchester, Greater Manchester, M3Let2b£1,590/moMay 2026
- Beetham Tower, 301 Deansgate, M3 4LX2b£3,000/moMay 2026
- Stanley Street, Manchester, Greater M…Let2b£2,000/moMay 2026
- Vie Building, Water StreetLet2b£1,250/moMay 2026
Listing metarightmove · Henry Wiltshire
About this listing
361 days · RightmovePrice history
5-year price trend
Monthly profit
+£50
Cash needed
£67K
Return after costs
0.90%
IRR
1.19%
Listed 361d ago
189 APARTMENT 109, WATER STREET, MANCHESTER, M3 4JE
✓ Verified address
flat · 2 bed · 2 bath · 474 sqft (EPC)
Agent listing: 581 sqft (+23%)
£165,000
est £1,353 · 9.84% gross
Leasehold 125yrEPC C
Priced below market
1 / 14
40/100
Caution
9.84% — verify the rent + comps locally.
Priced below market -9% vs 12 nearby sold (last 12 mo)
Stress Rent-covers-mortgage check PASS at 6.5% rate stress
9.84% Return before costs — above-market
Price
£165K
9% below sold comps
Return before costs
9.84%
est rent £1,353/mo185 comps within 500 mRange £1,284–£1,426/mo (Q1–Q3)
Bedrooms
2
2 bath
Energy rating
C
Energy rating
Run the numbers
What-if calculator
Rates as of 20 May 2026Buy-to-Let. Standard rental on an Assured Shorthold Tenancy. Single household, market rent, paid monthly direct to landlord (or via agent). (hover any strategy tab for pros + cons)
Offer (£)
Monthly rent (£)
Local comp range: £1,284–£1,426/mo · n=185
Financing
DepositYour cash in — the rest is the mortgage25% · £41,250
Standard 75% LTV for BTL
Mortgage rate5y fixed5.8%
5-year fixed at 75% LTV — 5.75% (as of 2026-05-20).
Mortgage term (years)
Stress rate6.5%
BoE base + 2pp stress (6.5%)
Acquisition costs
Refurb (£)
Per-property refurb estimate from the element rate-card model (£8,126–£15,168 range), VAT-inclusive
Legal + survey (£)
Leasehold flat — £1,500 legal + £500 survey
Mortgage fees (£)
2% product fee on £123,750 loan + £1,000 booking fee
Running costs
Management10%
Typical BTL agency rate
Void weeks
Typical voids for BTL
Insurance (£/mo)
Typical BTL building+landlord cover for sub-£200K
Maintenance (£/mo)
Semi/flat: £67/mo proxy
Leasehold costs
Result · Rent it out
Monthly profit
+£50
after mortgage, operating costs & tax
Rent in£1,353/mo gross
£1,301/mo collected · £52/mo lost to voids
Where it goes
£670Mortgage£569Costs
£50/mo left as profit · 4% of rent kept
Mortgage£670
Costs£569
Management£135
Maintenance£67
Insurance£20
CapEx reserve£68
Voids + council tax£8
Service charge + ground rent£167
Ltd co. accounts£104
Tax£12
Profit+£50
Returns
Return before costs on price9.84%
Cash return on cash0.90%
Gross margin£732
Cash needed£66,609
Monthly profit payback100+ yrs
Data confidence
Lender stress test
Rent-covers-mortgage check @ stress1.94
Rent-covers-mortgage check PASS · stress 6.5% (target 1.45)
Short-let (SA) context243 active short-lets nearby
Short-let market context
- 243 active short-let listings in this postcode
- Superhosts earn +7.0% premium here
Housing-benefit (LHA) scheme detailBRMA Central Greater Manchester · cap £873/mo
Housing-benefit rent scheme detail
- Rental Market Area (BRMA):
- Central Greater Manchester
- LHA monthly cap:
- £873
- Scheme type:
- PSL
- Premium:
- +1000% premium over LHA cap
- Typical lease:
- 0 years lease
- Management:
- management covered by council
Year-by-year Monthly profit (5-yr horizon)
Net Monthly profit after tax. Rent + costs compound at their growth rates; mortgage principal amortises year-by-year for repayment loans.
Mortgage paydownRent profitbefore price growth
Full year-by-year breakdown
| Year | Gross Rent | Op Costs | Mortgage | Equity Built | Tax | Net | Cumulative |
|---|---|---|---|---|---|---|---|
| Year 1 | £16,236 | £6,830 | £8,044 | £0 | £259 | £1,103 | £1,103 |
| Year 2 | £16,723 | £7,035 | £8,044 | £0 | £312 | £1,333 | £2,436 |
| Year 3 | £17,225 | £7,246 | £8,044 | £0 | £368 | £1,567 | £4,003 |
| Year 4 | £17,742 | £7,463 | £8,044 | £0 | £425 | £1,810 | £5,813 |
| Year 5 | £18,274 | £7,687 | £8,044 | £0 | £483 | £2,060 | £7,873 |
Rent by the room upside
What we verified
6205
Legal & planning▾
Article 4HMO restriction lookupUnknown
Rent by the room licensingMandatory if 5+ unrelatedN/A
TenureLeasehold years remaining125 yr
HeritageListed building / conservation areaNot stated on the listing
Building condition▾
EPCEnergy efficiency ratingC
EWS1External wall safety (cladding)A1
Refurb costBased on beds + baths + sqftEstimate available
Ground rentDoubling clauses kill mortgageability£200/yr
Area▾
Crimepolice.uk · monthlyChecking…
SchoolsGIAS · OfstedChecking…
FloodEA Flood Map · England onlyChecking…
Investor profile▾
Tenant profileBeds + postcode heuristicFamily let
Rent by the room feasibilityMin 3 beds for C4 routeBelow threshold
Comparables
sold within 0.5 miWide · CV 36.0%Med confidence
Loading nearby sold…
Location & transport
Tax & exit
Tax bandLtd Co 25%
Mortgage-interest tax rule credit£1,609
Annual rental tax£140
CGT yr 5£0 · company level
5y net total£7,873
Acquisition costs
25% deposit£41,250
Stamp duty£9,050
Refurb£10,834
Legal + survey£2,000
Mortgage + broker£3,475
Cash needed£66,609
Green = verified data. Amber = market typical. Red = our estimate — verify before offering.
Make an offer
Pro analysis — outcome range, stress tests & portfolio impact
Your notes
Description& agent copyRightmove
Vie, by Redrow Homes lies between the River Irwell and Bridgewater Canal close to Manchester City centre and proves to be a popular location for renters.
In brief the property comprises of : Secure communal entrance with stairs / lifts to all floors, private entrance hallway with storage cupboard, spacious open plan living and kitchen area with integrated appliances, balcony with waterside views, two double bedrooms with the main being ensuite and a further bathroom with sho…
Floor plans
Listing
Sources: Rightmove · HM Land Registry · Ofsted · EA Flood Zones
Estimates not financial advice
Estimates not financial advice