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Armchair investors looking to TV's Homes Under the Hammer for investment inspiration are hedging for a shock if they use the show's naive profit or loss calculation to validate their auction deals.
The BBC bills the programme as a way to watch experts give tips and tricks on buying a house at auction.
But are the financial figures bandied about by estate agents and property investors reliable?
In a recent programme, presenter Martin Roberts follows two investors refurbishing a house in County Durham.
A local estate agent valued the property pre-auction and concluded that if the property was finished to a high standard, the buyers could make £275,000 to £280,000 if they sold or £1,300 rent monthly.
The developers bought the house for £179,000 at auction and had set aside £50,000 to carry out the work and to finish in eight to 12 weeks.
The developers admitted they had overspent the refurbishment budget by £10,300.
After four months, the project was finished and the estate agent was called back to revise his valuation.
Now, the property was worth around £300,000 - which Maxwell explained presented the buyers with a pre-tax profit of £58,000 and would rent for £1,450 monthly.
However, most experienced buy-to-let investors would say a new developer needs to consider a few more costs.
The £179,000 may have been the winning bid, but the purchase price also includes a buyer's premium paid to the auctioneer of between one and 3.5 per cent of the bid price ( £1,790 and £6,265) and a 10 per cent reservation fee (£17,900), which is not refundable.
Disbursements are also totalled - like £350 for the buyer's information pack, legal fees (up to £1,500), survey costs, and utilities.
For those buying with bridging finance, the maximum borrowing is generally 75 per cent loan-to-value - or a deposit of £44,750 leaving a mortgage of £134,250.
Over a 12-month term, the fixed rate would be around 0.93 per cent repaid as a single payment at the end of the term. The payment is likely to be some £151,920, comprising the loan amount (£134,750), interest (£16,170), and loan fees (£1,500).
Then, add additional rate stamp duty of £10,000 and council tax of an estimated £650. These costs total around £56,000 and wipe out the Homes Under the Hammer profits.
They are estimates but give a better idea of development costs for auction properties. They would be even more if the rented home was in a licensing neighbourhood and estate agent or letting agent fees were added. The developers must also consider the financial impact of planning costs, which do not apply in this case, and taxes.
One TV property programme does consider all the costs of doing up an auction property.
Channel 4's The Great House Giveaway claims strangers are given a chance to climb on to the property ladder by giving them the cash to buy and refurbish an auction home within six months.
The developers are two strangers who must work together. The show lists the costs of the refurb and lets the developers keep any profits. The programme maker bears any losses. Unsurprisingly, few developers stay within budget and finish the refurb on time. Some manage to sell at around the break-even price, but most walk off the project when they realise they are working for nothing.
No doubt the crude profit calculation and reluctance to delve too deep into the real costs of developing a property are part of the feel-good factor of Homes Under the Hammer.