10 Office Row, Eldon, Bishop Auckland, County Durham

Description

An ideal investment opportunity with this 2 bedroom terraced house in Eldon. The property is currently rented at £325pcm/ £3,900pa gross. Please note, we have not made an internal inspection of the property, however are reliably informed it requires a scheme of refurbishment.

Accommodation

Lounge/Dining Room, two Double Bedrooms and First Floor Bathroom. Externally there is an enclosed yard to the rear and a good size garden to the front.

Location

Eldon, Bishop Auckland, County Durham

Tenure / Property Information

Investment Analysis

Five same-street sold comparables range from £47,000 to £85,999, averaging approximately £68,400. The £47,000–£65,000 sales may provide a more relevant lower-condition range, but the subject property has not been internally inspected and requires refurbishment. Base GDV is therefore estimated at £68,400, with a broad evidence-supported range of £47,000–£85,999.

Investment Snapshot

Strategy Recommendation

Potential value-led BTL subject to inspection, tenancy verification and a firm refurbishment quotation. Do not bid aggressively without establishing total project cost.

Works Required

Internal inspection and a scheme of refurbishment are required. The evidence does not specify the individual works or their cost, so no detailed scope or allowance can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance against the £68,400 base GDV would be approximately £51,300. BRRR viability cannot be confirmed because refurbishment cost, finance costs, legal costs and the property’s post-works condition are unsupported.

Buy-to-Let Analysis

At the £22,500 guide midpoint, current gross rent of £325 pcm produces a gross yield of approximately 17.33% before refurbishment, finance, tax and operating costs. Including the £1,800 buyer premium minimum and £1,800 admin charge, cost before refurbishment is £26,100, giving approximately 14.94%. The tenancy terms and refurbishment cost are unknown.

Flip Analysis

The comparable evidence supports a broad resale range of £47,000–£85,999, with a £68,400 base estimate. Flip surplus cannot be calculated because refurbishment costs and selling costs are unknown.

Investor Risks & Due Diligence

• No internal inspection has been undertaken.

• The property is reported to require a scheme of refurbishment, but the scope and cost are unknown.

• Current rent and tenancy terms require verification.

• Buyer premium, admin charge and possible legal-pack disbursements apply.

• Comparable sale prices vary significantly from £47,000 to £85,999.

Recommendation

Potential value-led BTL subject to inspection, tenancy verification and a firm refurbishment quotation. Do not bid aggressively without establishing total project cost.

Strategy Rating

Analysis Confidence

Good same-street sold evidence and current rent are available, but there is no internal inspection, refurbishment budget, tenancy detail or complete costs information.