102 Willingham Street, Grimsby, Lincolnshire DN32 9BS

Description

A wonderful opportunity to acquire this mid terrace house benefiting from uPVC double glazing, central heating and versatile accommodation throughout. Ideal for investors, the property is currently occupied by a tenant and generating £500pcm (£6000 per annum). Market rents in the area are circa £600pcm (£7200 per annum).

Accommodation

Ground Floor: Lounge, Dining Room, Kitchen. First Floor: Bedroom 1, Bedroom 2, Bedroom 3, Family Bathroom. Outside: Enclosed rear garden.

Location

The property is situated on Willingham Street, Grimsby, a popular and central area of this north east Lincolnshire market and port town. The town centre is within close proximity offering a wide range of facilities and amenities both retail and leisure, and Grimsby itself is well positioned for access to the M180 road network.

Tenure / Property Information

Investment Analysis

Five completed sales on the same street range from £39,999 to £69,000, with a median of £51,500. The base GDV uses the median; the range reflects the supplied comparable evidence only.

Investment Snapshot

Strategy Recommendation

Prioritise income-led holding only after reviewing the tenancy, legal pack, condition and all auction costs. Do not rely on the guide price or market-rent estimate as guaranteed outcomes.

Works Required

No specific defects or refurbishment works are evidenced. Inspect condition, services, EPC position and tenancy documentation before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £51,500 base GDV, 75% refinance is approximately £38,625. Cash required cannot be established because refurbishment, purchase price, finance, tax and other costs are unsupported. Existing occupation may affect possession and refinance planning.

Buy-to-Let Analysis

The property is occupied at £500pcm (£6,000 annually), with an auctioneer market-rent estimate of £600pcm. Gross yield on the £10,000 guide is 60% at passing rent, or 72% at estimated market rent, before the £3,600 admin charge and other unknown costs. Actual purchase price and tenancy terms require verification.

Flip Analysis

The comparable evidence supports a base GDV of £51,500, but flip surplus cannot be calculated because the eventual purchase price, works, selling costs and other project costs are unknown.

Investor Risks & Due Diligence

• Existing tenancy agreement and occupied status require legal and tenancy review.

• The £600pcm figure is an auctioneer estimate rather than achieved market rent.

• EPC rating is currently unknown.

• £3,600 admin charge applies, with possible additional disbursements and legal or transfer costs.

• No condition survey or refurbishment cost evidence is supplied.

• The guide price is not the confirmed purchase price.

Recommendation

Prioritise income-led holding only after reviewing the tenancy, legal pack, condition and all auction costs. Do not rely on the guide price or market-rent estimate as guaranteed outcomes.

Strategy Rating

Analysis Confidence

Strong same-street completed-sale evidence and documented passing rent are available, but condition, EPC, tenancy terms, final purchase price and full costs are incomplete.