1 Lindisfarne Avenue, Chester le Street, County Durham, DH3 3PT

Description

This four bedroom bungalow presents an excellent opportunity for a buyer looking for a refurbishment project, with good potential. The property offers a flexible layout with four bedrooms, a generous reception room, kitchen and bathroom, together with additional useful space within the roof/loft area. The property also benefits from a driveway and front garden, with a private rear garden providing further outside space and garage space. The property is in need of comprehensive refurbishment throughout, including updating the kitchen and bathroom, redecoration, flooring and general modernisation. With its bungalow layout, three-bedroom accommodation, off-road parking and garden, we consider this to be an appealing project for both owner-occupiers and investors, particularly for buyers looking to add value through refurbishment. PLEASE NOTE: the property does not have a bathroom or kitchen fitted currently

Accommodation

Four bedrooms, a generous reception room, kitchen and bathroom, additional roof/loft space, driveway, front garden, private rear garden and garage space. The property does not currently have a bathroom or kitchen fitted.

Location

Chester le Street, County Durham

Tenure / Property Information

Investment Analysis

The £225,000 guide is close to the only relatively recent supplied comparable: 12 Lindisfarne Avenue sold for £221,200 in March 2017. Other supplied sales are materially older, from 1996–2007, and values range from £125,000 to £350,000. They do not establish a reliable current post-refurbishment GDV, particularly as this property requires comprehensive refurbishment and currently has no fitted kitchen or bathroom.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, a full refurbishment survey and independently verified current GDV and rental evidence. At the £225,000 guide, the supported asking-rent yield is low and the unknown refurbishment scope creates substantial downside risk.

Works Required

Install a kitchen and bathroom; comprehensively refurbish and modernise the property as described, including redecoration, flooring and general modernisation. The supplied evidence does not quantify structural, mechanical, electrical, heating or roof works, so these are not assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be reliably completed. The property requires comprehensive refurbishment and lacks a fitted kitchen and bathroom, but no refurbishment budget or current post-works GDV is supplied. Consequently, refinance proceeds and cash left in cannot be calculated.

Buy-to-Let Analysis

The supplied rental evidence is an advertised asking rent of £595 pcm, equivalent to £7,140 per year, not an achieved or passing rent. Against the £225,000 guide, the gross yield is approximately 3.17% before refurbishment, finance, voids, management, maintenance and other costs. A total-cost yield cannot be established because refurbishment costs and other completion costs are unsupported.

Flip Analysis

A flip assessment cannot be reliably completed because no supported current post-refurbishment GDV, refurbishment budget or selling-cost allowance is available. The historic comparable evidence is insufficient to calculate a dependable resale surplus.

Investor Risks & Due Diligence

• Comprehensive refurbishment is required and the property currently has no fitted kitchen or bathroom.

• EPC rating is G.

• The £595 pcm figure is an advertised asking rent rather than achieved or passing rent.

• Tenure and other legal details are stated to be in the legal pack and are not supplied.

• Additional auction-related fees may apply beyond the stated £3,600 administration charge.

• Historic comparable sales do not establish a reliable current post-refurbishment value.

• The refurbishment scope and associated costs are not quantified.

Recommendation

Proceed only subject to legal-pack review, a full refurbishment survey and independently verified current GDV and rental evidence. At the £225,000 guide, the supported asking-rent yield is low and the unknown refurbishment scope creates substantial downside risk.

Strategy Rating

Analysis Confidence

The property description, one asking-rent listing, an auction guide and several historic same-road sales are supplied, but there is no quantified refurbishment cost, current GDV evidence, tenure detail, achieved rent or complete fee schedule.