17 Forster Court, Durham Road, Gateshead, Tyne And Wear, NE9 6HZ

Description

A well positioned two bedroom ground floor flat situated close to Low Fell and its range of shops, amenities and transport links. The flat has an entrance lobby with useful storage, a good sized lounge to the front with bay window, and a fitted kitchen with built-in oven, electric hob and extractor, together with plumbing for a washing machine and space for an under-counter fridge. There are two double bedrooms to the rear, along with a bathroom/WC with shower over bath. Externally, the property benefits from residents parking, while further features include electric heating and a secure intercom entry system.

Accommodation

Entrance lobby with storage; lounge with bay window; fitted kitchen with built-in oven, electric hob, extractor, plumbing for a washing machine and space for an under-counter fridge; two double bedrooms; bathroom/WC with shower over bath. Approximate floor area: 53 sq m / 570 sq ft.

Location

Situated close to Low Fell and its range of shops, amenities and transport links. Popular location close to Low Fell.

Tenure / Property Information

Investment Analysis

Five completed sales in Forster Court range from £99,000 to £115,000. The latest two sales were £99,000 and £101,500, while earlier sales were higher. A base GDV of £105,000 is used, with a low scenario of £99,000 and high scenario of £115,000. Exact flat condition, floor position comparability and legal-pack details remain unverified.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let or BRRR at a purchase price no higher than the upper guide, subject to confirming condition, achievable rent, lease terms, legal-pack charges and service-charge position. Avoid relying on the £995 pcm asking rent without validation.

Works Required

No specific refurbishment works are evidenced. Allow for inspection, compliance checks and any routine maintenance identified after viewing; the legal pack and lease should also be reviewed before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £105,000 base GDV, 75% refinancing indicates £78,750 before lender criteria and finance costs. Against an assumed £65,000 purchase plus the known £3,600 administration charge, indicative cash left in is negative £10,150, before any works, legal, tax or finance costs. Actual refinancing depends on valuation, lease, lender policy and affordability.

Buy-to-Let Analysis

At the £65,000 upper guide, the auctioneer's £800 pcm estimate gives £9,600 annual rent and a gross yield of 14.77% before service charge, ground rent, repairs, voids, management, utilities and finance. The £995 pcm figure is an advertised asking rent rather than achieved rent; at that level the gross guide yield would be 18.37%. The £125 pcm service charge and £50 annual ground rent will reduce net returns.

Flip Analysis

At a £65,000 purchase and £3,600 known administration charge, the base cost used is £68,600 before works, selling costs, finance and tax. The £105,000 GDV indicates a gross value spread of £36,400, but no supported selling allowance or refurbishment budget is available, so a reliable flip surplus cannot be established.

Investor Risks & Due Diligence

• The legal pack and exact tenure terms have not been supplied beyond the stated lease summary.

• Additional Special Conditions fees, search fees, seller-cost reimbursements, legal fees and transfer fees may apply.

• The £995 pcm rent is an advertised asking rent, while the £800 pcm figure is an auctioneer estimate rather than passing rent.

• Service charge of approximately £125 pcm and ground rent of approximately £50 per annum reduce net income.

• Electric heating, EPC D and the property's actual condition may affect tenant demand, running costs and resaleability.

• Refinance valuation and lender approval are not guaranteed.

Recommendation

Potentially suitable for buy-to-let or BRRR at a purchase price no higher than the upper guide, subject to confirming condition, achievable rent, lease terms, legal-pack charges and service-charge position. Avoid relying on the £995 pcm asking rent without validation.

Strategy Rating

Analysis Confidence

There are five same-development completed sales and two rental indicators, but condition, exact comparability, legal-pack costs, tenure details and achieved rent are not confirmed.