15 Edward Street, Durham, County Durham, DH1 1PU

Description

An excellent opportunity for buy-to-let investors to acquire this two-bedroom terraced property, offered for sale with a tenant in situ generating £700 per calendar month (£8,400 per annum). The accommodation is arranged over two floors and extends to approximately 74 sq m (797 sq ft). Externally, the property benefits from an enclosed rear courtyard with useful outbuildings providing additional storage space.

Accommodation

Entrance hallway, spacious living room with bay window, separate dining room, fitted kitchen, two bedrooms, family bathroom and separate shower room. Enclosed rear courtyard with useful outbuildings providing additional storage space. Approximate floor area: 74 sq m (797 sq ft).

Location

Situated on Edward Street in Durham, conveniently positioned for access to the city centre, local shops, schools and everyday amenities. Durham offers shopping, leisure and educational facilities, together with transport connections including Durham railway station and access to the A1(M).

Tenure / Property Information

Investment Analysis

The supplied same-street sold evidence ranges from £70,000 to £247,000, with more recent transactions at £134,000, £145,000 and £247,000. The £247,000 sale is materially above the other evidence and the comparables lack bedroom, condition and specification details, so it is not safe to treat it as directly comparable. An indicative base GDV of £145,000 is used, with a broad evidence-supported scenario range of £125,000 to £247,000. This is not a formal valuation. The property is tenanted at £700 pcm, but no independent rental comparable or auctioneer estimate is available.

Investment Snapshot

Strategy Recommendation

Consider as a BTL-led purchase only, subject to reviewing the tenancy, rent payment history, compliance documents, property condition and all special-condition costs. Do not rely on the high £247,000 comparable or assume a refurbishment uplift.

Works Required

No refurbishment works are evidenced. Allowance is therefore excluded from the illustrative calculations, but the property's condition, outbuildings and any repair obligations should be verified before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £145,000 base GDV, 75% refinancing equates to £108,750. Against the £103,600 purchase-plus-known-cost figure, this indicates approximately £5,150 of theoretical cash release before finance, tax, valuation and other transaction costs. The outcome is highly sensitive to the uncertain valuation evidence and lender acceptance of the existing tenancy.

Buy-to-Let Analysis

At the £100,000 guide, the existing £700 pcm rent produces £8,400 per annum and an 8.4% gross yield. Including the known £3,600 admin charge, the gross yield is approximately 8.11%. This uses the stated passing rent, not an independently verified market rent, and excludes unknown special-condition costs, repairs, management, voids, tax and finance.

Flip Analysis

A flip is not well supported by the evidence: the property is sold subject to an existing tenancy, no refurbishment requirement or cost is evidenced, and selling costs and special-condition charges are unknown. The base GDV comparison cannot establish a reliable resale surplus.

Investor Risks & Due Diligence

• Existing tenancy terms, arrears position and compliance documentation have not been supplied.

• No independent rental evidence is available to verify the stated £700 pcm.

• Property condition and any required repairs are unknown.

• Special Conditions of Sale may add search, legal, transfer, seller-cost reimbursement or other charges.

• Sold comparables vary substantially and lack detailed specification and condition information.

• Refinance assumptions may not be accepted by a lender and exclude finance, tax and valuation costs.

Recommendation

Consider as a BTL-led purchase only, subject to reviewing the tenancy, rent payment history, compliance documents, property condition and all special-condition costs. Do not rely on the high £247,000 comparable or assume a refurbishment uplift.

Strategy Rating

Analysis Confidence

The passing rent, tenure, accommodation and known admin charge are clear, but there are no rental comparables, no condition survey, no tenancy terms, no special-condition costs and limited detail on the sold comparables. The same-street sale evidence is also widely dispersed.