15 Cross Street, Skegness

Description

A traditionally constructed end of terrace house, ideal for investors, benefitting from an ongoing tenancy at £750pcm (£9,000 per annum). This property offers an ideal ‘ready to go’ investment opportunity.

Accommodation

Sitting Room; Kitchen; Bathroom; 3 Bedrooms. Outside: Rear yard.

Location

The property is situated on Cross Street, Skegness, central to a wide range of facilities and amenities including the sea front, promenade and leisure facilities. Skegness is a popular seaside resort and offers access to the coastal towns of Lincolnshire.

Tenure / Property Information

Investment Analysis

Same-street sold evidence ranges from £65,000 to £105,000. The £105,000 sale is a significant high outlier versus the £65,000-£69,000 evidence. A base GDV of £69,000 is used, subject to unknown condition, accommodation detail and tenancy terms.

Investment Snapshot

Strategy Recommendation

Consider as a buy-to-let at or near the guide, subject to satisfactory legal-pack, tenancy and condition due diligence. Do not rely on the high comparable without further evidence.

Works Required

No works are evidenced. Condition should be inspected and the legal pack and tenancy agreement verified before bidding; no refurbishment allowance is included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £35,000 guide, including the £3,600 admin charge, total known cost is £38,600 before works and other charges. A 75% refinance against the £69,000 base GDV indicates £51,750 gross borrowing and approximately £13,150 cash potentially released before finance and tax costs.

Buy-to-Let Analysis

The existing tenancy provides evidenced rent of £750pcm. Gross yield is approximately 25.71% on the guide and 23.32% including the stated £3,600 admin charge, excluding other costs. Tenancy terms, arrears status and ongoing costs require verification.

Flip Analysis

The base £69,000 GDV implies £30,400 surplus over the guide and stated admin charge before works, selling costs, finance, tax and other charges. A reliable flip surplus cannot be established because condition and selling costs are unsupported.

Investor Risks & Due Diligence

• Existing tenancy agreement terms and tenant status require verification.

• Legal-pack disbursements and other purchaser charges are unspecified.

• Same-street sold values vary materially from £65,000 to £105,000.

• Property condition and any required works are not evidenced.

• Parking and heating information is not supplied.

Recommendation

Consider as a buy-to-let at or near the guide, subject to satisfactory legal-pack, tenancy and condition due diligence. Do not rely on the high comparable without further evidence.

Strategy Rating

Analysis Confidence

Rent, tenancy existence, guide, admin charge and same-street completed sales are supplied, but condition, tenancy terms, other purchase costs and external rental evidence are incomplete.