118% R O C E.
This is what this should give if it gets valued correctly. As you can see, we've got room to go down to my minimum which is 50% ROCE (Return on Cash Employed/Left In). So, I'm prepared for a Downvalue, as is often the case.
PROFIT AT PURCHASE.
Don't rush into deals, you make your profit on the purchase. You need to be it cheap enough, that it could be sold on as it is at some sort of profit, once you refurbish it, it will make a profit, it will have a good ROCE or it can be sold with an uplift (like planning). Doesn't sound easy? It's not!! Not all of my deals have had profit locked in from day 1, but they had other pro-factors.
t's not a deal-breaker, but it's important. Look for it, buy good deals, and do your DD. John Howard a very experienced Developer who's on Property Elevator, emphasised this on my Podcast.
P.S Yes the boiler could do with boxing in blah blah, but you come and deal with the stress I've had from one house and tell me if you give a shit about some pipes 🤣