14 Dorset Street, Easington Lane, Houghton le Spring, Tyne And Wear, DH5 0QF

Description

Located just off Easington Lane and overlooking an open green to the front, this end terrace cottage offers an excellent opportunity for refurbishment and would suit buyers looking for a project. The property requires a full programme of refurbishment throughout, providing scope for the successful purchaser to modernise and improve the accommodation to their own requirements. Externally, there is a rear yard with a brick-built store.

Accommodation

Entrance lobby, bedroom, lounge, kitchen, rear lobby and bathroom.

Location

Located just off Easington Lane and overlooking an open green to the front.

Tenure / Property Information

Investment Analysis

Five same-street completed sales range from £42,000 to £50,500, averaging £45,300. Given the described full refurbishment requirement, £42,000 is used as a low scenario, £45,300 as the base GDV and £50,500 as the high scenario. These are indicative evidence-based scenarios, not formal valuations.

Investment Snapshot

Strategy Recommendation

Conditional refurbishment-led purchase, potentially for resale or BRRR, only after confirming tenure, condition and a fully costed refurbishment programme. Do not rely on the headline yield without total project costs.

Works Required

Full refurbishment throughout, as stated in the description, including modernisation of the entrance lobby, bedroom, lounge, kitchen, rear lobby and bathroom. The evidence does not support specific costs or individual defects. Rear yard and brick-built store should also be assessed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A potential BRRR route exists because the comparable evidence indicates a base GDV of £45,300 and 75% of GDV is £33,975. However, refurbishment costs, total acquisition costs, finance costs and tenure are not evidenced, so the cash required and refinance surplus cannot be calculated. The project should not be bid on without a survey, legal-pack review and detailed works budget.

Buy-to-Let Analysis

The supplied one-bedroom asking rents are £500-£595 pcm, implying £6,000-£7,140 annual gross rent; the midpoint used is £6,570. Against the £15,000 lower guide, this equates to approximately 40.0%-47.6% gross yield before refurbishment, purchase costs, finance, voids and operating expenses. A true yield on total project cost cannot be established because refurbishment costs are unavailable. Advertised rents are not achieved rents.

Flip Analysis

The same-street sales support an indicative resale range of £42,000-£50,500, with a £45,300 base GDV. Flip profitability cannot be calculated because the full refurbishment cost and selling allowance are unsupported. The low guide may provide potential headroom, but this is unquantified.

Investor Risks & Due Diligence

• The description states that a full refurbishment programme is required, but no works budget is supplied.

• Tenure and legal details are stated to be in the legal pack and have not been provided.

• Additional charges may include search fees, sellers' costs, legal fees and transfer fees, but no amounts are supplied.

• Rental evidence consists of advertised asking rents rather than achieved rents, and one supplied £795 listing is not identified as a one-bedroom property.

• Resale value may vary within the £42,000-£50,500 comparable range and is not a formal valuation.

• No maximum bid can be supported without refurbishment and total acquisition cost evidence.

Recommendation

Conditional refurbishment-led purchase, potentially for resale or BRRR, only after confirming tenure, condition and a fully costed refurbishment programme. Do not rely on the headline yield without total project costs.

Strategy Rating

Analysis Confidence

There is good same-street sold-price evidence and some one-bedroom rental evidence, but tenure, refurbishment costs, total fees, achieved rent and detailed property condition are unavailable.