118 Ladysmith Road, Grimsby DN32 9EQ

Description

A mid terrace house offered for sale in need improvement works throughout but benefiting from some uPVC double glazing and versatile accommodation throughout. This property will appeal to investors and owner occupiers alike, being an ideal project with an internal viewing being a must to appreciate the scope of the accommodation on offer.

Accommodation

Ground Floor: Lounge, Diningroom, Kitchen, Wetroom. First Floor: Bedroom 1, Bedroom 2, Bedroom 3, Bathroom, Landing.

Location

The property is situated on Ladysmith Road, 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

The supplied completed sales on the same road range from £60,000 to £75,000, with an average of £64,200 and the two most recent sales at £74,000 and £75,000. As bedroom count and condition are not provided for the comparables, a cautious HB scenario is £60,000 low, £70,000 base and £75,000 high. The base GDV is an estimate, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Only pursue as a refurbishment-led BTL or resale project after internal viewing, legal-pack review and a firm works budget. Do not rely on the £5,000 guide or the headline rental yield when setting a bid.

Works Required

The description supports improvement works throughout, but gives no itemised defects or specification. An internal viewing, survey and legal-pack review are required before defining or costing works; no specific defects are assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A base GDV of £70,000 implies 75% refinance proceeds of £52,500. However, the purchase price at auction, £3,600 administration charge, additional buyer premium, possible disbursements and refurbishment cost cannot be combined into a reliable total project cost. Cash left in and refinance equity therefore cannot be calculated.

Buy-to-Let Analysis

The only supplied rental evidence is an advertised asking rent of £625 pcm, producing annual gross rent of £7,500. This equates to 150% against the £5,000 guide, but that figure is not decision-useful because the eventual purchase price, refurbishment cost and buyer premium are unknown. The rent is not an achieved passing rent and operating costs are not supplied.

Flip Analysis

A base resale value of £70,000 is supported only by nearby completed sales, without comparable condition or bedroom evidence. Since refurbishment costs, acquisition costs beyond the stated administration charge and selling costs are not fully supported, the flip surplus cannot be calculated reliably.

Investor Risks & Due Diligence

• The property is described as needing improvement works throughout, but the scope and cost are unknown.

• The £3,600 administration charge is payable, while the buyer premium and possible disbursements are not quantified.

• The £625 pcm figure is an advertised asking rent rather than achieved or passing rent.

• The comparable sales do not include bedroom count or condition, limiting GDV certainty.

• The guide price may not represent the eventual purchase price.

Recommendation

Only pursue as a refurbishment-led BTL or resale project after internal viewing, legal-pack review and a firm works budget. Do not rely on the £5,000 guide or the headline rental yield when setting a bid.

Strategy Rating

Analysis Confidence

Same-road completed sales and one advertised rent are available, but the subject's condition, comparable specifications, refurbishment cost, buyer premium, disbursements and eventual auction price are not supplied.