A tenanted studio in a converted church, close to Bolton train and bus station (per the listing). An income investment, not a refurbishment or capital-growth play: the return is the rent. Cash purchase is the preferred modelled route.
An income purchase, not capital growth. A sale at £43,000 would lose money on the cash put in. Tenancy, lease and service-charge records not yet seen.
First-floor studio in The Church, Crook Street, Bolton BL3 6DY, per the listing. Flat number to confirm.
Leasehold, 200 years from 2013, per the listing. Lease not yet seen.
Tenant in place paying £515 a month (agent-stated). Tenancy agreement, deposit and rent history not yet seen.
Asking £45,000 (Cardwells, on the market since 29 May 2026). Modelled at £40,500, 10% under asking; not agreed.
Hold as a let studio, with a letting agent managing. No works planned: there is no value to add.
EPC B, per the listing.
| Figure | Amount | Basis and status |
|---|---|---|
| Modelled purchase price | £40,500 | Modelled. 10% under the £45,000 asking price; not agreed |
| Cash in | £49,675 | Modelled. Price, purchase costs and the £4,000 sourcing fee |
| Gross rent | £6,180 a year | Agent-stated. £515 a month |
| Gross yield | 15.3% | Modelled. Gross rent ÷ modelled price, before costs |
| Net income | £186 a month | Modelled. After running costs, before tax; £2,233 a year |
| Return on cash | 4.5% a year | Modelled. Net income ÷ cash in, before tax |
| Value evidence | £43,000 | HM Land Registry. Latest sale in the building, flat 24, Jul 2026 |
A cash purchase needs £49,675, including the £4,000 sourcing fee and purchase costs. It produces £186 a month before tax, if the tenant keeps paying £515 and the running-cost allowances hold. The 75% mortgage route needs less cash, but no lender has agreed terms.
Purchase at £40,500 and hold, with a letting agent managing.
Tenancy, lease and service-charge accounts not yet seen.
If a lender will lend on it — in our judgement many won't below £50,000 or on studios.
No lender has been asked. Three empty months would turn the year to −£983. Not the recommended route.
An offer under £40,000 pays no stamp duty; at £40,500 it is £2,025, included in the cash figure. Confirm for the actual buyer and completion date.
Letting 12%, maintenance 8%, voids 8%, insurance £50 a month, service charge and ground rent £134.75 a month. Council tax is assumed paid by the tenant.
| If | Net a month | Net a year |
|---|---|---|
| As modelled | £186 | £2,233 |
| Rent 10% lower | £149 | £1,788 |
| Service charge up 50% | £130 | £1,556 |
| Three months empty (one-off, rent only) | — | £688 |
| Mortgage route: rent 10% lower | £10 | £117 |
| Mortgage route: service charge up 50% | −£10 | −£115 |
| Mortgage route: interest at 7.5% | −£4 | — |
| Mortgage route: three months empty (one-off, rent only) | — | −£983 |
At £43,000 the sale would return −£6,675 on the cash put in (−13.4%), before selling costs, so this is an income purchase, not a capital one. To break even on a sale the price needs to be £35,850 or less.
No better-than-modelled case is shown. Selling costs, and council tax and utilities during empty months, are not included. Mortgage figures are illustrations, not lender quotes.
Obtain the tenancy agreement, deposit protection and rent history.
Review the lease, service-charge accounts and ground rent review terms.
Inspect the flat and the building's shared areas.
Cash, or a broker's confirmation that a lender will lend.
Set the offer price and confirm stamp duty for the actual buyer.
Update the offer and the model, and reissue this page.
Investment status: further due diligence required
The £515 rent and the tenant’s status come from the selling agent. Arrears, deposit and paperwork are unchecked.
Lease terms, service charge, ground rent and any restrictions still need review. No floor plan was published.
In our judgement many lenders won’t lend below £50,000 or on studios. No lender has been asked.
Recent sales in the building suggest a resale would return less than the cash put in. The return is the rent.
Selling costs, and council tax and utilities during empty months, are not included.
All income figures are before tax. Confirm stamp duty for the actual buyer and completion date.
HM Land Registry sales in the building: flat 24 £43,000 (Jul 2026), flat 30 £53,000 (Oct 2025), flat 3 £47,000 (Apr 2024); nearby on Crook Street, The Knave flat 4 (BL3 6DU) £42,500 (Mar 2026). Not adjusted for condition, size or floor; not a formal valuation.
Cardwells, on Rightmove: £45,000, on the market since 29 May 2026, tenant paying £515 a month, EPC B. Agent-stated; not independently checked.
Photos from the first-floor listing (Cardwells), taken with the tenant in occupation. No floor plan was published.
Items marked Coming soon follow the viewing and the agent's papers. They'll appear here, on this same link.
Still outstanding: the full lease, service-charge and ground-rent records; the tenancy agreement, deposit protection and rent history; a viewing; finance confirmation, if used; the buyer’s own tax position; and the exact flat address. Disa will obtain these before any offer.
