# Puffer-Properties-R — Pipeline Run Report
**Run ID:** `run_1a61635d`  
**Generated:** 2026-06-05 21:09  
**Generated by:** Iris (Integrator & Reporter)

---

## 📊 Funnel Summary

| Stage | Count | % of Total |
|-------|-------|-----------|
| Raw listings ingested | 20 | 100% |
| Hard killed (auto-rejected) | 3 | 15% |
| Passed to Quant analysis | 15 | 75% |
| **GO** ✅ | **3** | **15%** |
| **ELEVATE TO ASH** 🔼 | **1** | **5%** |
| **NO-GO** ✗ | 11 | 55% |
| ⚠️ Disqualified (tenure) | 2 | 10% |
| Floorplan emails triggered | 2 | — |

### Investment Targets Applied
| Target | Value |
|--------|-------|
| Min Gross Yield | ≥6.5% |
| Min ROCE | ≥8.0% |
| Min 5yr Capital Growth | ≥15.0% |
| Min Monthly Cashflow | ≥£150 |

---

## ✅ GO Properties — Ready for Offer

### [RM-011] MK6 3AB — Milton Keynes
**3bed Terraced** | £175,000 | Freehold | EPC: C | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,375 | £16,500 |
| Management fee (10% of rent) | £138 | £1,650 |
| Maintenance reserve (5% of rent) | — | £825 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £635 |
| **Net rent** | **£1,066** | **£12,790** |

- **Gross Yield:** 9.43% ✅ *(target ≥6.5%)*
- **Net Yield:** 7.31%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £175,000 |
| Deposit (25%) | £43,750 |
| Mortgage (75% LTV) | £131,250 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £602 |
| SDLT (5.0% effective) | £8,750 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£61,549** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,375 | £16,500 |
| Running costs | £309 | £3,710 |
| Mortgage payment | £602 | £7,219 |
| **Net cashflow** | **£464** ✅ | **£5,571** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £5,571
  Total Cash Invested  :  £61,549
  ─────────────────────────────────────────
  ROCE = £5,571 ÷ £61,549 × 100
       = 9.05% ✅ (target ≥8.0%)
```

#### 💼 Trevor — Authoritative Acquisition & P&L (itemised)
| Acquisition Cost | Amount |
|---|---|
| SDLT (5.0% effective) | £8,750 |
| Legal fees | £1,500 |
| Survey | £500 |
| Mortgage arrangement fee | £999 |
| Mortgage valuation fee | £350 |
| Broker fee | £500 |
| Search fees | £400 |
| Refurbishment reserve | £4,800 |
| Deposit | £43,750 |
| **Total cash required** | **£61,949** |

| Annual P&L | Amount |
|---|---|
| Gross rent | £16,500 |
| Void deduction | −£635 |
| Effective rent | £15,865 |
| Mortgage (IO) | −£7,219 |
| Management fee | −£1,587 |
| Maintenance reserve | −£793 |
| Insurance | −£400 |
| Accountancy | −£200 |
| **Net profit (pre-tax)** | **£5,667** |
| Net profit (post Section 24) | £1,956 |

- **True ROCE:** 9.15%
- **True Net Yield:** 3.24%

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £175,000 |
| 5yr capital growth (Hector) | 20.5% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£210,875** |
| Capital gain | £35,875 |
| 5yr gross rental income | £87,952 |
| **Total 5yr return (net)** | **£69,182 (112.4%)** |

*Key growth drivers: East West Rail (Oxford-Cambridge Arc) — connects MK to Oxford and Cambridge, expected completion 2030; Milton Keynes City status 2023 — increased investment profile and regeneration funding*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/011)
- **Agent:** Purple Bricks <mk@purplebricks.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-013] MK14 6GH — Milton Keynes
**3bed Terraced** | £180,000 | Freehold | EPC: B | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,348 | £16,176 |
| Management fee (10% of rent) | £135 | £1,618 |
| Maintenance reserve (5% of rent) | — | £809 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £623 |
| **Net rent** | **£1,044** | **£12,527** |

- **Gross Yield:** 8.99% ✅ *(target ≥6.5%)*
- **Net Yield:** 6.96%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £180,000 |
| Deposit (25%) | £45,000 |
| Mortgage (75% LTV) | £135,000 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £619 |
| SDLT (5.0% effective) | £9,000 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£63,049** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,348 | £16,176 |
| Running costs | £304 | £3,649 |
| Mortgage payment | £619 | £7,425 |
| **Net cashflow** | **£425** ✅ | **£5,102** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £5,102
  Total Cash Invested  :  £63,049
  ─────────────────────────────────────────
  ROCE = £5,102 ÷ £63,049 × 100
       = 8.09% ✅ (target ≥8.0%)
```

#### 💼 Trevor — Authoritative Acquisition & P&L (itemised)
| Acquisition Cost | Amount |
|---|---|
| SDLT (5.0% effective) | £9,000 |
| Legal fees | £1,500 |
| Survey | £500 |
| Mortgage arrangement fee | £999 |
| Mortgage valuation fee | £350 |
| Broker fee | £500 |
| Search fees | £400 |
| Refurbishment reserve | £4,800 |
| Deposit | £45,000 |
| **Total cash required** | **£63,449** |

| Annual P&L | Amount |
|---|---|
| Gross rent | £16,176 |
| Void deduction | −£622 |
| Effective rent | £15,554 |
| Mortgage (IO) | −£7,425 |
| Management fee | −£1,555 |
| Maintenance reserve | −£778 |
| Insurance | −£400 |
| Accountancy | −£200 |
| **Net profit (pre-tax)** | **£5,196** |
| Net profit (post Section 24) | £1,632 |

- **True ROCE:** 8.19%
- **True Net Yield:** 2.89%

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £180,000 |
| 5yr capital growth (Hector) | 19.5% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£215,100** |
| Capital gain | £35,100 |
| 5yr gross rental income | £86,225 |
| **Total 5yr return (net)** | **£65,954 (104.61%)** |

*Key growth drivers: East West Rail (Oxford-Cambridge Arc) — connects MK to Oxford and Cambridge, expected completion 2030; Milton Keynes City status 2023 — increased investment profile and regeneration funding*

#### 🔗 Links
- **Portal listing:** [Zoopla](https://www.zoopla.co.uk/properties/013)
- **Agent:** Romans <mk@romans.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-014] B92 8QR — Solihull
**3bed Terraced** | £205,000 | Freehold | EPC: C | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,648 | £19,776 |
| Management fee (10% of rent) | £165 | £1,978 |
| Maintenance reserve (5% of rent) | — | £989 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £761 |
| **Net rent** | **£1,287** | **£15,448** |

- **Gross Yield:** 9.65% ✅ *(target ≥6.5%)*
- **Net Yield:** 7.54%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £205,000 |
| Deposit (25%) | £51,250 |
| Mortgage (75% LTV) | £153,750 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £705 |
| SDLT (5.0% effective) | £10,250 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£70,549** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,648 | £19,776 |
| Running costs | £361 | £4,328 |
| Mortgage payment | £705 | £8,456 |
| **Net cashflow** | **£583** ✅ | **£6,992** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £6,992
  Total Cash Invested  :  £70,549
  ─────────────────────────────────────────
  ROCE = £6,992 ÷ £70,549 × 100
       = 9.91% ✅ (target ≥8.0%)
```

#### 💼 Trevor — Authoritative Acquisition & P&L (itemised)
| Acquisition Cost | Amount |
|---|---|
| SDLT (5.0% effective) | £10,250 |
| Legal fees | £1,500 |
| Survey | £500 |
| Mortgage arrangement fee | £999 |
| Mortgage valuation fee | £350 |
| Broker fee | £500 |
| Search fees | £400 |
| Refurbishment reserve | £4,800 |
| Deposit | £51,250 |
| **Total cash required** | **£70,949** |

| Annual P&L | Amount |
|---|---|
| Gross rent | £19,776 |
| Void deduction | −£761 |
| Effective rent | £19,015 |
| Mortgage (IO) | −£8,456 |
| Management fee | −£1,902 |
| Maintenance reserve | −£951 |
| Insurance | −£400 |
| Accountancy | −£200 |
| **Net profit (pre-tax)** | **£7,107** |
| Net profit (post Section 24) | £2,573 |

- **True ROCE:** 10.02%
- **True Net Yield:** 3.47%

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £205,000 |
| 5yr capital growth (Hector) | 22.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£250,100** |
| Capital gain | £45,100 |
| 5yr gross rental income | £106,048 |
| **Total 5yr return (net)** | **£87,229 (123.64%)** |

*Key growth drivers: HS2 Birmingham Interchange at Solihull — major national connectivity uplift from 2029; JLR (Jaguar Land Rover) Solihull plant — 10,000+ high-skilled employees, strong rental demand*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/014)
- **Agent:** Dixons <solihull@dixons.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

---

## 🔼 Elevated to Ash — Manual Review Required

### [RM-020] MK16 9QQ — Milton Keynes
**3bed Terraced** | £210,000 | Flags: COMMERCIAL_PROXIMITY:FLAG_HIGH_POTENTIAL, ABOVE_COMMERCIAL:FLAG_REVIEW

> **Elevation reason:** High-potential flags detected. Borderline on one or more metrics — manual review recommended before ruling out.

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,402 | £16,824 |
| Management fee (10% of rent) | £140 | £1,682 |
| Maintenance reserve (5% of rent) | — | £841 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £648 |
| **Net rent** | **£1,088** | **£13,053** |

- **Gross Yield:** 8.01% ✅ *(target ≥6.5%)*
- **Net Yield:** 6.22%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £210,000 |
| Deposit (25%) | £52,500 |
| Mortgage (75% LTV) | £157,500 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £722 |
| SDLT (5.0% effective) | £10,500 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£72,049** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,402 | £16,824 |
| Running costs | £314 | £3,771 |
| Mortgage payment | £722 | £8,662 |
| **Net cashflow** | **£366** ✅ | **£4,390** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £4,390
  Total Cash Invested  :  £72,049
  ─────────────────────────────────────────
  ROCE = £4,390 ÷ £72,049 × 100
       = 6.09% ❌ (target ≥8.0%)
```

#### 💼 Trevor — Authoritative Acquisition & P&L (itemised)
| Acquisition Cost | Amount |
|---|---|
| SDLT (5.0% effective) | £10,500 |
| Legal fees | £1,500 |
| Survey | £500 |
| Mortgage arrangement fee | £999 |
| Mortgage valuation fee | £350 |
| Broker fee | £500 |
| Search fees | £400 |
| Refurbishment reserve | £4,800 |
| Deposit | £52,500 |
| **Total cash required** | **£72,449** |

| Annual P&L | Amount |
|---|---|
| Gross rent | £16,824 |
| Void deduction | −£647 |
| Effective rent | £16,177 |
| Mortgage (IO) | −£8,663 |
| Management fee | −£1,618 |
| Maintenance reserve | −£809 |
| Insurance | −£400 |
| Accountancy | −£200 |
| **Net profit (pre-tax)** | **£4,488** |
| Net profit (post Section 24) | £960 |

- **True ROCE:** 6.19%
- **True Net Yield:** 2.14%

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £210,000 |
| 5yr capital growth (Hector) | 19.5% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£250,950** |
| Capital gain | £40,950 |
| 5yr gross rental income | £89,679 |
| **Total 5yr return (net)** | **£68,460 (95.02%)** |

*Key growth drivers: East West Rail (Oxford-Cambridge Arc) — connects MK to Oxford and Cambridge, expected completion 2030; Milton Keynes City status 2023 — increased investment profile and regeneration funding*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/020)
- **Agent:** Brown & Merry <mk@brownandmerry.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

---

## ✗ No-Go Properties — Full Breakdown

### Failure Analysis

- **Below ROCE target:** 11  `███████████`
- **Below yield target:** 1  `█`
- **Negative/low cashflow:** 1  `█`

### [RM-001] MK3 5QA — Milton Keynes
**3bed Terraced** | £220,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,306 | £15,672 |
| Management fee (10% of rent) | £131 | £1,567 |
| Maintenance reserve (5% of rent) | — | £784 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £603 |
| **Net rent** | **£1,010** | **£12,118** |

- **Gross Yield:** 7.12% ✅ *(target ≥6.5%)*
- **Net Yield:** 5.51%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £220,000 |
| Deposit (25%) | £55,000 |
| Mortgage (75% LTV) | £165,000 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £756 |
| SDLT (5.0% effective) | £11,000 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£75,049** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,306 | £15,672 |
| Running costs | £296 | £3,554 |
| Mortgage payment | £756 | £9,075 |
| **Net cashflow** | **£254** ✅ | **£3,043** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £3,043
  Total Cash Invested  :  £75,049
  ─────────────────────────────────────────
  ROCE = £3,043 ÷ £75,049 × 100
       = 4.05% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £220,000 |
| 5yr capital growth (Hector) | 19.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£261,800** |
| Capital gain | £41,800 |
| 5yr gross rental income | £83,538 |
| **Total 5yr return (net)** | **£62,193 (82.87%)** |

*Key growth drivers: East West Rail (Oxford-Cambridge Arc) — connects MK to Oxford and Cambridge, expected completion 2030; Milton Keynes City status 2023 — increased investment profile and regeneration funding*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/001)
- **Agent:** Connells <mk@connells.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-002] NN3 2AB — Northampton
**2bed Semi-Detached** | £185,000 | Flags: MISSING_FLOORPLAN:REQUEST_FROM_AGENT, EPC_D:FLAG_REVIEW

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £994 | £11,928 |
| Management fee (10% of rent) | £99 | £1,193 |
| Maintenance reserve (5% of rent) | — | £596 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £459 |
| **Net rent** | **£757** | **£9,080** |

- **Gross Yield:** 6.45% ❌ *(target ≥6.5%)*
- **Net Yield:** 4.91%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £185,000 |
| Deposit (25%) | £46,250 |
| Mortgage (75% LTV) | £138,750 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £636 |
| SDLT (5.0% effective) | £9,250 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £25,600 |
| **Total cash invested** | **£85,349** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £994 | £11,928 |
| Running costs | £237 | £2,848 |
| Mortgage payment | £636 | £7,631 |
| **Net cashflow** | **£121** ❌ | **£1,448** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £1,448
  Total Cash Invested  :  £85,349
  ─────────────────────────────────────────
  ROCE = £1,448 ÷ £85,349 × 100
       = 1.7% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £185,000 |
| 5yr capital growth (Hector) | 17.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£216,450** |
| Capital gain | £31,450 |
| 5yr gross rental income | £63,075 |
| **Total 5yr return (net)** | **£42,127 (49.36%)** |

*Key growth drivers: Northampton Station regeneration (WCML — London Euston 55 min); Northampton Waterside Enterprise Zone — office and commercial investment*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/002)
- **Agent:** Fox & Sons <northampton@foxandsons.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-003] B91 2XY — Solihull
**3bed Semi-Detached** | £310,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,728 | £20,736 |
| Management fee (10% of rent) | £173 | £2,074 |
| Maintenance reserve (5% of rent) | — | £1,037 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £798 |
| **Net rent** | **£1,352** | **£16,227** |

- **Gross Yield:** 6.69% ✅ *(target ≥6.5%)*
- **Net Yield:** 5.23%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £310,000 |
| Deposit (25%) | £77,500 |
| Mortgage (75% LTV) | £232,500 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £1,066 |
| SDLT (6.0% effective) | £18,500 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£105,049** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,728 | £20,736 |
| Running costs | £376 | £4,509 |
| Mortgage payment | £1,066 | £12,788 |
| **Net cashflow** | **£287** ✅ | **£3,440** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £3,440
  Total Cash Invested  :  £105,049
  ─────────────────────────────────────────
  ROCE = £3,440 ÷ £105,049 × 100
       = 3.27% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £310,000 |
| 5yr capital growth (Hector) | 21.5% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£376,650** |
| Capital gain | £66,650 |
| 5yr gross rental income | £111,196 |
| **Total 5yr return (net)** | **£91,366 (86.97%)** |

*Key growth drivers: HS2 Birmingham Interchange at Solihull — major national connectivity uplift from 2029; JLR (Jaguar Land Rover) Solihull plant — 10,000+ high-skilled employees, strong rental demand*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/003)
- **Agent:** Connells Solihull <solihull@connells.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-006] B92 0AJ — Solihull
**4bed Detached** | £280,000 | Flags: MISSING_FLOORPLAN:REQUEST_FROM_AGENT

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £2,060 | £24,720 |
| Management fee (10% of rent) | £206 | £2,472 |
| Maintenance reserve (5% of rent) | — | £1,236 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £952 |
| **Net rent** | **£1,622** | **£19,460** |

- **Gross Yield:** 8.83% ✅ *(target ≥6.5%)*
- **Net Yield:** 6.95%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £280,000 |
| Deposit (25%) | £70,000 |
| Mortgage (75% LTV) | £210,000 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £962 |
| SDLT (5.5% effective) | £15,500 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £15,000 |
| **Total cash invested** | **£104,749** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £2,060 | £24,720 |
| Running costs | £438 | £5,260 |
| Mortgage payment | £962 | £11,550 |
| **Net cashflow** | **£659** ✅ | **£7,910** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £7,910
  Total Cash Invested  :  £104,749
  ─────────────────────────────────────────
  ROCE = £7,910 ÷ £104,749 × 100
       = 7.55% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £280,000 |
| 5yr capital growth (Hector) | 22.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£341,600** |
| Capital gain | £61,600 |
| 5yr gross rental income | £132,560 |
| **Total 5yr return (net)** | **£110,113 (105.12%)** |

*Key growth drivers: HS2 Birmingham Interchange at Solihull — major national connectivity uplift from 2029; JLR (Jaguar Land Rover) Solihull plant — 10,000+ high-skilled employees, strong rental demand*

#### 🔗 Links
- **Portal listing:** [Onthemarket](https://www.onthemarket.com/properties/006)
- **Agent:** Hunters <solihull@hunters.com>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-008] MK5 8JD — Milton Keynes
**3bed Terraced** | £240,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,416 | £16,992 |
| Management fee (10% of rent) | £142 | £1,699 |
| Maintenance reserve (5% of rent) | — | £850 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £654 |
| **Net rent** | **£1,099** | **£13,189** |

- **Gross Yield:** 7.08% ✅ *(target ≥6.5%)*
- **Net Yield:** 5.5%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £240,000 |
| Deposit (25%) | £60,000 |
| Mortgage (75% LTV) | £180,000 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £825 |
| SDLT (5.0% effective) | £12,000 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £4,800 |
| **Total cash invested** | **£81,049** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,416 | £16,992 |
| Running costs | £317 | £3,803 |
| Mortgage payment | £825 | £9,900 |
| **Net cashflow** | **£274** ✅ | **£3,289** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £3,289
  Total Cash Invested  :  £81,049
  ─────────────────────────────────────────
  ROCE = £3,289 ÷ £81,049 × 100
       = 4.06% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £240,000 |
| 5yr capital growth (Hector) | 20.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£288,000** |
| Capital gain | £48,000 |
| 5yr gross rental income | £90,574 |
| **Total 5yr return (net)** | **£70,060 (86.44%)** |

*Key growth drivers: East West Rail (Oxford-Cambridge Arc) — connects MK to Oxford and Cambridge, expected completion 2030; Milton Keynes City status 2023 — increased investment profile and regeneration funding*

#### 🔗 Links
- **Portal listing:** [Zoopla](https://www.zoopla.co.uk/properties/008)
- **Agent:** Purplebricks 
- **Deal Pack:** *Not yet generated — add link here*

### [RM-009] B93 0AB — Solihull
**4bed Detached** | £340,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £2,240 | £26,880 |
| Management fee (10% of rent) | £224 | £2,688 |
| Maintenance reserve (5% of rent) | — | £1,344 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £1,035 |
| **Net rent** | **£1,768** | **£21,213** |

- **Gross Yield:** 7.91% ✅ *(target ≥6.5%)*
- **Net Yield:** 6.24%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £340,000 |
| Deposit (25%) | £85,000 |
| Mortgage (75% LTV) | £255,000 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £1,169 |
| SDLT (6.3% effective) | £21,500 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £5,400 |
| **Total cash invested** | **£116,149** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £2,240 | £26,880 |
| Running costs | £472 | £5,667 |
| Mortgage payment | £1,169 | £14,025 |
| **Net cashflow** | **£599** ✅ | **£7,188** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £7,188
  Total Cash Invested  :  £116,149
  ─────────────────────────────────────────
  ROCE = £7,188 ÷ £116,149 × 100
       = 6.19% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £340,000 |
| 5yr capital growth (Hector) | 21.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£411,400** |
| Capital gain | £71,400 |
| 5yr gross rental income | £144,143 |
| **Total 5yr return (net)** | **£117,085 (100.81%)** |

*Key growth drivers: HS2 Birmingham Interchange at Solihull — major national connectivity uplift from 2029; JLR (Jaguar Land Rover) Solihull plant — 10,000+ high-skilled employees, strong rental demand*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/009)
- **Agent:** Savills <solihull@savills.com>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-010] NN2 6EE — Northampton
**3bed Terraced** | £210,000 | Flags: EPC_D:FLAG_REVIEW

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,175 | £14,100 |
| Management fee (10% of rent) | £118 | £1,410 |
| Maintenance reserve (5% of rent) | — | £705 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £543 |
| **Net rent** | **£904** | **£10,842** |

- **Gross Yield:** 6.71% ✅ *(target ≥6.5%)*
- **Net Yield:** 5.16%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £210,000 |
| Deposit (25%) | £52,500 |
| Mortgage (75% LTV) | £157,500 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £722 |
| SDLT (5.0% effective) | £10,500 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £13,500 |
| **Total cash invested** | **£80,749** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,175 | £14,100 |
| Running costs | £271 | £3,258 |
| Mortgage payment | £722 | £8,662 |
| **Net cashflow** | **£182** ✅ | **£2,180** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £2,180
  Total Cash Invested  :  £80,749
  ─────────────────────────────────────────
  ROCE = £2,180 ÷ £80,749 × 100
       = 2.7% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £210,000 |
| 5yr capital growth (Hector) | 17.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£245,700** |
| Capital gain | £35,700 |
| 5yr gross rental income | £74,560 |
| **Total 5yr return (net)** | **£50,659 (62.74%)** |

*Key growth drivers: Northampton Station regeneration (WCML — London Euston 55 min); Northampton Waterside Enterprise Zone — office and commercial investment*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/010)
- **Agent:** Halifax Estates <northampton@halifax.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-012] NN5 6HH — Northampton
**3bed Terraced** | £150,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,140 | £13,680 |
| Management fee (10% of rent) | £114 | £1,368 |
| Maintenance reserve (5% of rent) | — | £684 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £527 |
| **Net rent** | **£875** | **£10,501** |

- **Gross Yield:** 9.12% ✅ *(target ≥6.5%)*
- **Net Yield:** 7.0%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £150,000 |
| Deposit (25%) | £37,500 |
| Mortgage (75% LTV) | £112,500 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £516 |
| SDLT (5.0% effective) | £7,500 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £13,500 |
| **Total cash invested** | **£62,749** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,140 | £13,680 |
| Running costs | £265 | £3,179 |
| Mortgage payment | £516 | £6,188 |
| **Net cashflow** | **£360** ✅ | **£4,314** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £4,314
  Total Cash Invested  :  £62,749
  ─────────────────────────────────────────
  ROCE = £4,314 ÷ £62,749 × 100
       = 6.87% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £150,000 |
| 5yr capital growth (Hector) | 17.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£175,500** |
| Capital gain | £25,500 |
| 5yr gross rental income | £72,339 |
| **Total 5yr return (net)** | **£51,009 (81.29%)** |

*Key growth drivers: Northampton Station regeneration (WCML — London Euston 55 min); Northampton Waterside Enterprise Zone — office and commercial investment*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/012)
- **Agent:** Connells Northampton <northampton@connells.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-016] B90 4PR — Solihull
**3bed Semi-Detached** | £255,000 | Flags: EPC_D:FLAG_REVIEW

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,552 | £18,624 |
| Management fee (10% of rent) | £155 | £1,862 |
| Maintenance reserve (5% of rent) | — | £931 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £717 |
| **Net rent** | **£1,209** | **£14,514** |

- **Gross Yield:** 7.3% ✅ *(target ≥6.5%)*
- **Net Yield:** 5.69%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £255,000 |
| Deposit (25%) | £63,750 |
| Mortgage (75% LTV) | £191,250 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £877 |
| SDLT (5.1% effective) | £13,000 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £28,400 |
| **Total cash invested** | **£109,399** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,552 | £18,624 |
| Running costs | £343 | £4,110 |
| Mortgage payment | £877 | £10,519 |
| **Net cashflow** | **£333** ✅ | **£3,995** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £3,995
  Total Cash Invested  :  £109,399
  ─────────────────────────────────────────
  ROCE = £3,995 ÷ £109,399 × 100
       = 3.65% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £255,000 |
| 5yr capital growth (Hector) | 22.5% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£312,375** |
| Capital gain | £57,375 |
| 5yr gross rental income | £99,871 |
| **Total 5yr return (net)** | **£84,100 (76.87%)** |

*Key growth drivers: HS2 Birmingham Interchange at Solihull — major national connectivity uplift from 2029; JLR (Jaguar Land Rover) Solihull plant — 10,000+ high-skilled employees, strong rental demand*

#### 🔗 Links
- **Portal listing:** [Onthemarket](https://www.onthemarket.com/properties/016)
- **Agent:** Shipways <solihull@shipways.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-017] MK7 8LQ — Milton Keynes
**4bed Detached** | £265,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,811 | £21,732 |
| Management fee (10% of rent) | £181 | £2,173 |
| Maintenance reserve (5% of rent) | — | £1,087 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £836 |
| **Net rent** | **£1,420** | **£17,036** |

- **Gross Yield:** 8.2% ✅ *(target ≥6.5%)*
- **Net Yield:** 6.43%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £265,000 |
| Deposit (25%) | £66,250 |
| Mortgage (75% LTV) | £198,750 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £911 |
| SDLT (5.3% effective) | £14,000 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £15,000 |
| **Total cash invested** | **£99,499** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,811 | £21,732 |
| Running costs | £391 | £4,696 |
| Mortgage payment | £911 | £10,931 |
| **Net cashflow** | **£509** ✅ | **£6,104** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £6,104
  Total Cash Invested  :  £99,499
  ─────────────────────────────────────────
  ROCE = £6,104 ÷ £99,499 × 100
       = 6.14% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £265,000 |
| 5yr capital growth (Hector) | 20.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£318,000** |
| Capital gain | £53,000 |
| 5yr gross rental income | £115,840 |
| **Total 5yr return (net)** | **£90,703 (91.16%)** |

*Key growth drivers: East West Rail (Oxford-Cambridge Arc) — connects MK to Oxford and Cambridge, expected completion 2030; Milton Keynes City status 2023 — increased investment profile and regeneration funding*

#### 🔗 Links
- **Portal listing:** [Rightmove](https://www.rightmove.co.uk/properties/017)
- **Agent:** Connells <mk@connells.co.uk>
- **Deal Pack:** *Not yet generated — add link here*

### [RM-018] NN2 7HH — Northampton
**3bed Semi-Detached** | £200,000 | Flags: None

#### 💰 Rental Yield
| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,175 | £14,100 |
| Management fee (10% of rent) | £118 | £1,410 |
| Maintenance reserve (5% of rent) | — | £705 |
| Insurance | — | £400 |
| Accountancy | — | £200 |
| Void periods (2 wks) | — | £543 |
| **Net rent** | **£904** | **£10,842** |

- **Gross Yield:** 7.05% ✅ *(target ≥6.5%)*
- **Net Yield:** 5.42%

#### 🏦 Capital Structure & Cashflow
| | |
|---|---|
| Asking price | £200,000 |
| Deposit (25%) | £50,000 |
| Mortgage (75% LTV) | £150,000 |
| Mortgage rate (interest-only) | 5.5% |
| Monthly mortgage payment | £688 |
| SDLT (5.0% effective) | £10,000 |
| Legal + survey + broker + searches | £2,900 |
| Mortgage fees (arrangement + valuation) | £1,349 |
| Refurbishment reserve | £13,500 |
| **Total cash invested** | **£77,749** |

| | Monthly | Annual |
|---|---|---|
| Gross rent | £1,175 | £14,100 |
| Running costs | £271 | £3,258 |
| Mortgage payment | £688 | £8,250 |
| **Net cashflow** | **£216** ✅ | **£2,592** |

#### 📐 ROCE Calculation
```
  Annual Net Cashflow  :  £2,592
  Total Cash Invested  :  £77,749
  ─────────────────────────────────────────
  ROCE = £2,592 ÷ £77,749 × 100
       = 3.33% ❌ (target ≥8.0%)
```

#### 📈 5-Year Projections
| | |
|---|---|
| Current asking price | £200,000 |
| 5yr capital growth (Hector) | 17.0% ✅ *(target ≥15%)* |
| **Projected 5yr value** | **£234,000** |
| Capital gain | £34,000 |
| 5yr gross rental income | £74,560 |
| **Total 5yr return (net)** | **£51,021 (65.62%)** |

*Key growth drivers: Northampton Station regeneration (WCML — London Euston 55 min); Northampton Waterside Enterprise Zone — office and commercial investment*

#### 🔗 Links
- **Portal listing:** [Zoopla](https://www.zoopla.co.uk/properties/018)
- **Agent:** Fine & Country Northampton <northampton@fineandcountry.com>
- **Deal Pack:** *Not yet generated — add link here*

---

## ⚠️ Disqualified — Full Analysis Complete, Tenure Bars Offer

> These properties passed financial screening but are disqualified because the strategy 
> requires **Freehold** only. Financials are preserved for reference should the strategy 
> change. Leasehold and Share of Freehold carry service charge, ground rent, and lease 
> length risks that are excluded from the current investment mandate.

| Property ID | Postcode | Area | Price | Beds | Type | Tenure | Gross Yield | ROCE | Reason |
|-------------|----------|------|-------|------|------|--------|-------------|------|--------|
| [RM-004](https://www.zoopla.co.uk/properties/004) | MK9 1AB | Milton Keynes | £250,000 | 3 | Terraced | Leasehold | 7.13% | 4.22% | Tenure disqualification: Leasehold — strategy requires Freehold only. Full financials preserved for reference. |
| [RM-015](https://www.rightmove.co.uk/properties/015) | NN7 1RQ | Northampton | £165,000 | 3 | Terraced | Leasehold | 8.8% | 7.48% | Tenure disqualification: Leasehold — strategy requires Freehold only. Full financials preserved for reference. |

---

## 🚫 Hard Kills — Auto-Rejected Before Quant Analysis

| Property ID | Postcode | Area | Asking Price | Reason |
|-------------|----------|------|-------------|--------|
| [RM-005](https://www.rightmove.co.uk/properties/005) | NN1 5RT | Northampton | £160,000 | Cash Buyers Only — automated rejection |
| [RM-007](https://www.rightmove.co.uk/properties/007) | NN4 8QQ | Northampton | £195,000 | Modern Method of Auction — automated rejection |
| [RM-019](https://www.rightmove.co.uk/properties/019) | B93 9RW | Solihull | £290,000 | Non-Standard Construction — automated rejection |

---

*Report generated by Iris — Puffer-Properties-R Automated Pipeline | Run `run_1a61635d`*