18 Easington Street, Peterlee, County Durham, SR8 3LD

Description

A Vacant Three Bedroom Mid Terrace House in Need of Refurbishment. The property comprises a three bedroom mid terrace house arranged over ground and first floors. The property requires a program of refurbishment.

Accommodation

Ground Floor: Reception Room; Kitchen/Diner. First Floor: Three Bedrooms; Bathroom. Exterior: rear yard.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Easington Beach are within easy reach. Transport links are provided by Horden rail station and the A19.

Tenure / Property Information

Investment Analysis

Same-street completed sales range from £18,000 to £71,999, with other evidence at £26,000, £30,000 and £38,000. The spread is substantial and the comparables' condition, size and bedroom configuration are not supplied. A provisional base GDV of £38,000 is used, with £18,000 to £71,999 as an evidence-supported scenario range, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Do not bid beyond a conservatively calculated figure until the legal pack, inspection findings and a detailed refurbishment quote are available. The low guide may provide apparent upside, but the unknown works cost makes the project unsuitable for an unconditional maximum bid.

Works Required

A refurbishment programme is required. The supplied evidence does not specify the defects, specification or extent of works, so no detailed scope or cost allowance can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the provisional £38,000 GDV, 75% refinance equates to £28,500. However, the purchase price, refurbishment cost and total project cost cannot be reliably established, so cash left in and overall BRRR viability cannot be calculated. The wide comparable range and unspecified refurbishment scope create substantial uncertainty.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £650 pcm, equating to £7,800 annually. Against the £10,000+ guide this is a headline gross yield of 78%, but this excludes the £1,800 administration charge, refurbishment, finance, voids, management, maintenance and other possible legal-pack charges. A yield on total project cost cannot be established because refurbishment costs are unavailable.

Flip Analysis

A flip assessment cannot be completed reliably because refurbishment costs and any supported selling allowance are unavailable. The provisional £38,000 GDV is based only on uneven same-street completed-sale evidence and should not be treated as a formal resale valuation.

Investor Risks & Due Diligence

• Refurbishment is required but its scope and cost are unknown.

• Same-street completed-sale evidence ranges widely from £18,000 to £71,999.

• The £650 pcm figure is an advertised asking rent, not achieved or passing rent.

• The £10,000+ guide excludes the known £1,800 administration charge and any other applicable charges.

• Legal-pack disbursements, seller-cost reimbursements, search fees, legal fees and transfer fees may be payable.

• No EPC, council tax, heating or parking information is supplied.

Recommendation

Do not bid beyond a conservatively calculated figure until the legal pack, inspection findings and a detailed refurbishment quote are available. The low guide may provide apparent upside, but the unknown works cost makes the project unsuitable for an unconditional maximum bid.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and one rental asking figure, but comparable condition and configuration are unclear, while refurbishment scope, EPC, council tax, heating, parking and potential additional fees are not supplied.