Sold STC Semi-detached

12 GRASMERE AVENUE

BLACKBURN, BLACKBURN WITH DARWEN BB1 8LD

2 beds 1 baths 84 m² Listed 22 Aug 2025 (-332d)

£190,000

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# 2 bedroom semi-detached bungalow for sale (BB1 8LD)

## Property Details

| Key | Value |
|-----|-------|
| Address | 12 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN BB1 8LD |
| Price | £190,000 |
| Bedrooms | 2 |
| Bathrooms | 1 |
| Council tax | D |
| Last sold | £205,500 Mar 2026 |

## EPC Rating & Upgrade Cost

- **Current rating:** E
- **Potential rating:** C
- **Expiry date:** 05/08/2035
- **Current heating cost:** £1,544/year
- **Est. upgrade cost to C:** £30,155

### Recommendations
- B (£900 - £1,500)
- Q (£7,500 - £11,000)
- W1 (£5,000 - £10,000)
- C (£20 - £40)
- E (£300 - £350)
- I (£2,200 - £3,500)
- U (£8,000 - £10,000)

[View full EPC on gov.uk](https://find-energy-certificate.service.gov.uk/energy-certificate/2140-6678-1050-5007-6105)

## Description

Upon entry the generous accommodation features two reception rooms. The kitchen is complete with a range of wall and base units and contrasting work surfaces as well as space for free standing appliances. Just off the kitchen is a handy utility area, currently housing the gas central heating boiler and tumble dryer. The two spacious bedrooms both benefit from fitted units as well as plenty of additional floorspace. Completing the property internally is the bathroom in white comprising toilet, handbasin and mains fed shower. The property benefits from gas central heating and is mostly double glazed throughout.

Lammack is a sought after location due to the excellent amenities, places of worship and highly regarded schools nearby. The front of the property allows parking for multiple vehicles along with a garden. To the rear of the property is a garage with remote controlled door and private low maintenance garden.

EPC Rating: E

## Property Photos

- ![Photo](/listings/photos/166118852/1326417)
- ![Photo](/listings/photos/166118852/1326418)
- ![Lounge](/listings/photos/166118852/1326419) - Lounge
- ![Second Reception Room](/listings/photos/166118852/1326420) - Second Reception Room
- ![Bedroom One](/listings/photos/166118852/1326421) - Bedroom One
- ![Bedroom One](/listings/photos/166118852/1326422) - Bedroom One
- ![Bedroom Two](/listings/photos/166118852/1326423) - Bedroom Two
- ![Bedroom Two](/listings/photos/166118852/1326424) - Bedroom Two
- ![Kitchen](/listings/photos/166118852/1326425) - Kitchen
- ![Kitchen](/listings/photos/166118852/1326426) - Kitchen
- ![Bathroom](/listings/photos/166118852/1326427) - Bathroom

## Floorplans

- ![All](/listings/photos/166118852/1326428) - All

## EPC Graphs

- ![EPC 1](/listings/photos/166118852/1326429) - EPC 1

## FENSA Certificates

This property has 3 FENSA certificate(s) on record.

### FENSA Certificate #6826756
- **Address:** 12 Grasmere Avenue, BLACKBURN, BB1 8LD
- **Certificate Issued:** 14/09/2009
- **Work Completed:** 28/08/2009
- **Items:** 4 window(s)

### FENSA Certificate #6643678
- **Address:** 12 Grasmere Avenue, BLACKBURN, BB1 8LD
- **Certificate Issued:** 29/06/2009
- **Work Completed:** 27/05/2009
- **Items:** 2 window(s)

### FENSA Certificate #3828654
- **Address:** 12 Grasmere Avenue, BLACKBURN, BB1 8LD
- **Certificate Issued:** 26/06/2006
- **Work Completed:** 07/06/2006
- **Items:** 1 door(s)

## Sales History

*Recorded sales for this property. Data from Land Registry Price Paid.*

| Address | Price | Date | Type |
|---------|-------|------|------|
| 12 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD | £205,500 | 27/03/2026 | Semi-detached |

## Sold Comparables

*Same street and nearby sales within 0.25 miles. Data from Land Registry Price Paid. Last 5 years.*

| Address | Price | Date | Type |
|---------|-------|------|------|
| 1 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7BX | £164,000 | 09/01/2026 | Semi-detached |
| [Same street] 28 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD | £185,000 | 12/12/2025 | Semi-detached |
| 2 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DF | £250,000 | 12/12/2025 | Semi-detached |
| 71 YEW TREE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DW | £210,000 | 28/11/2025 | Semi-detached |
| [Same street] 7 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD | £168,000 | 11/09/2025 | Semi-detached |
| [Same street] 7 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD | £168,000 | 11/09/2025 | Semi-detached |
| 27 WILLOW TREES DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LB | £180,000 | 14/07/2025 | Semi-detached |
| 88 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DF | £160,000 | 24/11/2023 | Semi-detached |
| 200 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL | £125,000 | 21/11/2023 | Semi-detached |
| 115 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7BX | £135,000 | 16/10/2023 | Semi-detached |
| 198 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL | £190,000 | 28/06/2023 | Semi-detached |
| 40 QUEBEC ROAD, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DA | £215,000 | 28/04/2023 | Semi-detached |
| 21 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7BX | £176,000 | 17/04/2023 | Semi-detached |
| 70 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DF | £185,000 | 16/12/2022 | Semi-detached |
| 226 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL | £210,000 | 14/11/2022 | Semi-detached |
| 216 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL | £195,000 | 30/09/2022 | Semi-detached |
| 46 QUEBEC ROAD, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DA | £195,000 | 16/09/2022 | Semi-detached |
| 18 WILLOW TREES DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LB | £186,000 | 02/08/2022 | Semi-detached |
| 75 YEW TREE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DW | £250,000 | 28/07/2022 | Semi-detached |
| [Same street] 5 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD | £186,100 | 27/07/2022 | Semi-detached |
| 242 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL | £150,000 | 25/07/2022 | Semi-detached |
| 33 WILLOW TREES DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LB | £235,000 | 01/07/2022 | Semi-detached |
| 44 QUEBEC ROAD, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DA | £205,000 | 16/05/2022 | Semi-detached |
| 216 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL | £195,000 | 06/04/2022 | Semi-detached |
| [Same street] 21 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD | £230,000 | 03/09/2021 | Semi-detached |

**Street average:** £187,420 (5 sales)
**Area average:** £190,550 (20 sales)

## Price vs local average

*Outcode + property type (HousePrices, last 2 years).*

- **Local average:** £203,744 (80 Semi-detached, BB1, 2024–2026)
- **Deviation:** -6.7%

## Rental Range

*ONS Price Index of Private Rents (Blackburn with Darwen). Low / Realistic / Optimistic = conservative / average / best case.*

- **Low:** £640/mo
- **Realistic:** £711/mo
- **Optimistic:** £782/mo

## LHA (Local Housing Allowance)

*VOA 30th percentile rent floor for East Lancs (Apr 2025 – Mar 2026).*

- **LHA floor (this property size):** £474/mo

## Rental Comparables

*Residential lets from OpenRent and Rightmove for the area (same bedroom count). Use to validate rent estimates. Student lets are excluded.*

| Title | Rent | Beds | Distance | As seen on |
|------|------|------|------|------|
| 2 Bed Terraced House, Haydock Street, BB1 | £750/mo | 2 | 0.66 miles | OpenRent |
| 2 Bed Terraced House, Pemberton Street, BB1 | £675/mo | 2 | 0.68 miles | OpenRent |
| 2 Bed Semi-Detached House, Cranshaw Drive, BB1 | £699/mo | 2 | 0.71 miles | OpenRent |
| 2 Bed Bungalow, Blackburn, BB1 | £770/mo | 2 | 0.76 miles | OpenRent |
| 2 Bed Terraced House, Blackburn Street, BB1 | £795/mo | 2 | 0.99 miles | OpenRent |

**Average rent: £738/mo (5 listings)**

## 1% Rule

- **Rent ratio:** 0.39% (weak for cashflow)
- **Max investor price (0.8%):** £93,750
- **Target investor price (1%):** £75,000

*Monthly rent ÷ price. 1%+ = strong, 0.8–1% = okay, <0.8% = weak. Max investor price = rent ÷ 0.8% (Stoke-style target). Target investor price = rent ÷ 1% (strong cashflow band). Based on OpenRent comparables.*

## Rent-driven metrics

*Based on OpenRent comparables (median £750/mo).*

- **Gross yield:** 4.7%
- **Cost-to-rent:** 21.1×
- **Monthly cashflow:** £-98/mo (75% LTV, 3.95% APR (5yr fixed), 25yr term)
- **Cash-on-cash ROI:** -2.1%

*Gross yield = annual rent as % of price (no costs). Cost-to-rent = price ÷ annual rent (from OpenRent comparables); under 14× = strong, 14–16× = acceptable, 17×+ = compressed. Cashflow = rent − mortgage − 10% maintenance − £25/mo compliance; assumes 75% LTV, 3.95% APR (5yr fixed), 25yr term. ROI = annual profit ÷ cash in (deposit + 4% purchase costs).*

## Price per Square Metre

- **£/m²:** £2,262/m²

## Capital growth trend

*Land Registry outcode average from sold prices: last 12 months vs 5y and 10y ago.*

- **5y growth:** 10.3%
- **10y growth:** 57%

## House Price Index (HM Land Registry)

*Official index for Blackburn with Darwen; Semi-detached series; as of April 2026.*

- **1y growth (index):** 4.9%
- **5y growth (index):** 36.2%
- **10y growth (index):** 73.6%

## Flood risk

- **Zone:** 1
- **Risk:** Low
- **Source:** Job (default Low)

[Check long-term flood risk (GOV.UK)](https://check-long-term-flood-risk.service.gov.uk/postcode)

Photo 1 Photo 2 Lounge Second Reception Room Bedroom One Bedroom One Bedroom Two Bedroom Two Kitchen Kitchen Bathroom

/ 11

Property details

Tenure

FREEHOLD

Floor area

84 m²

Council tax band

EPC rating

Last sold

£205,500 Mar 2026

Price per m²

£2,262/m²

Local average

£203,744 (-6.7%)

Deprivation

Decile 8 (24,666 of 33,755)

Street crime

142 incidents within 1 mile (May 2026)

Key features

Popular Lammack location
Garage & driveway parking
Spacious accommodation throughout
Front & rear gardens
Quiet cul de sac
Freehold tenure
No chain
Versatile accommodation
Semi detached bungalow

Additional details

Parking: Yes
Garden: Front garden, Rear garden
Listed property: No
Restrictions: No
Required access: No
Rights of way: No
Flooded in last 5 years: No
Flood defences: No

Description

SPACIOUS SEMI DETACHED BUNGALOW IN SOUGHT AFTER LAMMACK LOCATION! Boasting two bedrooms and two reception rooms, garage and driveway parking along with front and rear gardens. Early viewing is highly advised as this property is expected to be popular!
Upon entry the generous accommodation features two reception rooms. The kitchen is complete with a range of wall and base units and contrasting work surfaces as well as space for free standing appliances. Just off the kitchen is a handy utility area, currently housing the gas central heating boiler and tumble dryer. The two spacious bedrooms both benefit from fitted units as well as plenty of additional floorspace. Completing the property internally is the bathroom in white comprising toilet, handbasin and mains fed shower. The property benefits from gas central heating and is mostly double glazed throughout.
Lammack is a sought after location due to the excellent amenities, places of worship and highly regarded schools nearby. The front of the property allows parking for multiple vehicles along with a garden. To the rear of the property is a garage with remote controlled door and private low maintenance garden.
EPC Rating: E

Listed by

Blackburn

Stones Young Limited

Reference: 166118852

EPC Rating & Upgrade Cost

Current rating: E

Potential rating: C

Inspection date: 06/08/2025

Expiry date: 05/08/2035

Current heating cost: £1,544/year

Potential heating cost: £943/year

Est. upgrade cost to C: £30,155

EPC E or below may face future regulation risk. Upgrading to C could improve long-term ROI.

Recommendations

Cavity wall insulation (£900 - £1,500)
50 mm internal or external wall insulation (£7,500 - £11,000)
Floor insulation (suspended floor) (£5,000 - £10,000)
Increase hot water cylinder insulation (£20 - £40)
Low energy lighting for all fixed outlets (£300 - £350)
Replace boiler with new condensing boiler (£2,200 - £3,500)
Solar photovoltaic panels, 2.5 kWp (£8,000 - £10,000)

View full EPC on gov.uk

Flood risk

Zone: 1

Risk: Low

Job (default Low)

Floorplans

All

EPC Graphs

EPC 1

FENSA Certificates

This property has 3 FENSA certificate(s) on record, indicating window/door installations by FENSA-approved installers.

FENSA Certificate #6826756

Property Details

Street: 12 Grasmere Avenue

Town: BLACKBURN

Postcode: BB1 8LD

Installation Details

Items: 4 windows

Certificate Issued: 14/09/2009

Work Completed: 28/08/2009

This certificate data was retrieved from FENSA's database

FENSA Certificate #6643678

Property Details

Street: 12 Grasmere Avenue

Town: BLACKBURN

Postcode: BB1 8LD

Installation Details

Items: 2 windows

Certificate Issued: 29/06/2009

Work Completed: 27/05/2009

This certificate data was retrieved from FENSA's database

FENSA Certificate #3828654

Property Details

Street: 12 Grasmere Avenue

Town: BLACKBURN

Postcode: BB1 8LD

Installation Details

Items: 1 door

Certificate Issued: 26/06/2006

Work Completed: 07/06/2006

This certificate data was retrieved from FENSA's database

What is FENSA? FENSA (Fenestration Self-Assessment Scheme) is a government-authorised scheme that monitors building regulation compliance for replacement windows and doors. Certificates indicate that work was completed by FENSA-approved installers.

Price history

Event	Date	Price	% change
Sold	27/03/2026 (3 months ago)	£205,500	—

Source: HM Land Registry Price Paid Data. Crown copyright.

Sold Comparables

Same street and nearby sales within 0.25 miles (last 5 years). Data from Land Registry Price Paid.

Address	Price	Date	Type
1 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7BX	£164,000	09/01/2026	Semi-detached
Same street 28 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD	£185,000	12/12/2025	Semi-detached
2 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DF	£250,000	12/12/2025	Semi-detached
71 YEW TREE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DW	£210,000	28/11/2025	Semi-detached
Same street 7 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD	£168,000	11/09/2025	Semi-detached
Same street 7 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD	£168,000	11/09/2025	Semi-detached
27 WILLOW TREES DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LB	£180,000	14/07/2025	Semi-detached
88 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DF	£160,000	24/11/2023	Semi-detached
200 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL	£125,000	21/11/2023	Semi-detached
115 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7BX	£135,000	16/10/2023	Semi-detached
198 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL	£190,000	28/06/2023	Semi-detached
40 QUEBEC ROAD, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DA	£215,000	28/04/2023	Semi-detached
21 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7BX	£176,000	17/04/2023	Semi-detached
70 WHINNEY LANE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DF	£185,000	16/12/2022	Semi-detached
226 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL	£210,000	14/11/2022	Semi-detached
216 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL	£195,000	30/09/2022	Semi-detached
46 QUEBEC ROAD, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DA	£195,000	16/09/2022	Semi-detached
18 WILLOW TREES DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LB	£186,000	02/08/2022	Semi-detached
75 YEW TREE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DW	£250,000	28/07/2022	Semi-detached
Same street 5 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD	£186,100	27/07/2022	Semi-detached
242 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL	£150,000	25/07/2022	Semi-detached
33 WILLOW TREES DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LB	£235,000	01/07/2022	Semi-detached
44 QUEBEC ROAD, BLACKBURN, BLACKBURN WITH DARWEN, BB2 7DA	£205,000	16/05/2022	Semi-detached
216 RAMSGREAVE DRIVE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LL	£195,000	06/04/2022	Semi-detached
Same street 21 GRASMERE AVENUE, BLACKBURN, BLACKBURN WITH DARWEN, BB1 8LD	£230,000	03/09/2021	Semi-detached

Street average: £187,420 (5 sales)

Area average: £190,550 (20 sales)

Capital growth trend

Land Registry outcode average: last 12 months vs 5y and 10y ago (from sold prices).

5y growth 10.3%

10y growth 57%

House Price Index (HM Land Registry — official index, not sold-price averages): Blackburn with Darwen. Series: Semi-detached. As of April 2026.

1y (index) 4.9%

5y (index) 36.2%

10y (index) 73.6%

Rental Range

Estimated market rent for Blackburn with Darwen. Low = conservative, Realistic = average, Optimistic = best case.

Low £640/mo

Realistic £711/mo

Optimistic £782/mo

Based on Local Authority from postcode lookup → Blackburn with Darwen.

LHA (30th percentile) floor for East Lancs: £474/mo (Apr 2025 – Mar 2026)

Location

Map view View on Google Maps View on OpenStreetMap Street View BB1 8LD

Nearby

Nearest stations, universities and amenities (distance from property).

Type	Name	Distance
Bus stop	Pleckgate by Lammack Road	0.1 miles
Bus stop	Blackburn by Yew Tree Dr	0.1 miles
Shop	Van-Tastic	0.7 miles
Shop	AA Motor Works	0.7 miles
Hospital	The Beardwood Hospital	1.1 miles
Train station	Ramsgreave and Wilpshire	1.2 miles
Train station	Blackburn	1.5 miles
Hospital	Greater Lancashire Hospital	6.4 miles
University	UCLan Burnley Campus	10.1 miles
University	UClan burnley temp	10.1 miles

Street-level crime

Category	Count
Violence and sexual offences	73
Anti-social behaviour	17
Criminal damage and arson	13
Public order	10
Other theft	8
Vehicle crime	8
Drugs	5
Burglary	2
Other crime	2
Possession of weapons	2
Shoplifting	1
Theft from the person	1
Total incidents	142

Within 1 mile during May 2026. Source: data.police.uk (England & Wales).

Schools nearby

Nearest open schools with Ofsted ratings (England). Closed schools are not shown. Data from Get Information about Schools and Ofsted.

Name	Type	Distance	Ofsted
Lammack Primary School	Primary	0.1 miles	Good — 23 Mar 2013
Pleckgate High School	Secondary	0.3 miles	Outstanding — 2 Jul 2024
Holy Souls Roman Catholic Primary School Blackburn	Primary	0.6 miles	Good — 23 Mar 2023
St Gabriel's Church of England Primary School	Primary	0.6 miles	Good — 9 Jun 2024
St James' Church of England Primary School Blackburn	Primary	0.7 miles	Good — 15 May 2013

Rental Comparables

Residential lets from OpenRent and Rightmove for the area (same bedroom count). Use to validate rent estimates. Student lets are excluded.

Title	Rent	Beds	Distance	As seen on
2 Bed Terraced House, Haydock Street, BB1	£750/mo	2	0.66 miles	OpenRent
2 Bed Terraced House, Pemberton Street, BB1	£675/mo	2	0.68 miles	OpenRent
2 Bed Semi-Detached House, Cranshaw Drive, BB1	£699/mo	2	0.71 miles	OpenRent
2 Bed Bungalow, Blackburn, BB1	£770/mo	2	0.76 miles	OpenRent
2 Bed Terraced House, Blackburn Street, BB1	£795/mo	2	0.99 miles	OpenRent

Average rent: £738/mo (5 listings)

Rent-driven metrics

Based on OpenRent comparables.

Rent ratio 0.39%

Max investor price (0.8%) £93,750

Target investor price (1%) £75,000

Gross yield 4.7%

Cost-to-rent ratio 21.1×

Monthly cashflow £-98/mo 75% LTV, 3.95% APR (5yr fixed), 25yr term

Cash-on-cash ROI -2.1%

Rent ratio — Monthly rent ÷ purchase price (1% rule). 1%+ = strong, 0.8–1% = okay, <0.8% = weak for cashflow.
Max investor price — Rent ÷ 0.8%; the price at which rent would be 0.8% of price (Stoke-style target).
Target investor price — Rent ÷ 1%; the price at which rent would be 1% of price (strong cashflow band).
Gross yield — Annual rent as % of purchase price (no costs).
Cost-to-rent — Price ÷ annual rent (from OpenRent comparables). Under 14× = strong, 14–16× = acceptable, 17×+ = compressed.
Cashflow — Rent minus mortgage, 10% maintenance, £25/mo compliance. Assumes 75% LTV, 3.95% APR (5yr fixed), 25yr term.
ROI — Annual profit ÷ cash in (deposit + 4% purchase costs).