18 Richard Street, Blyth, Tyne and Wear

Description

A two bedroom flat situated in an established and popular area of Blyth, Newcastle, close to a range of local amenities, schools and transport links. The property offers spacious accommodation. The property is likely to appeal to investors. Externally, there is a rear yard/garden area (subject to verification), with on-street parking available nearby. Auction House North Yorkshire and Tees Valley have not gained entry at the time of marketing and all details have been provided by the seller.

Accommodation

Two bedroom flat offering spacious accommodation. Rear yard/garden area subject to verification.

Location

Situated in an established and popular area of Blyth, Newcastle, close to a range of local amenities, schools and transport links.

Tenure / Property Information

Investment Analysis

Same-street completed sales range from £25,500 to £26,000 in 2015 and 2021, with older sales at £41,500 and £45,000. The £30,000 guide is above the latest supplied comparable. No access was obtained, so condition and any refurbishment requirement cannot be assessed.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack review, access and a satisfactory inspection. Treat as a conditional rental opportunity rather than relying on a flip or BRRR exit.

Works Required

Obtain access and inspect condition, services, heating, kitchen, bathroom and external yard/garden. No specific works can be costed from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the base £30,000 GDV indicates £22,500. BRRR viability cannot be established because access, refurbishment costs, total acquisition costs and refinance terms are unavailable.

Buy-to-Let Analysis

The supplied NE24 asking-rent evidence indicates £550 pcm, equating to a 22% gross yield against the £30,000 guide before fees, refurbishment, finance, voids and management. This is an asking rent, not an achieved rent. Total-cost yield cannot be established because works and disbursements are unknown.

Flip Analysis

The base GDV is £30,000, supported broadly by the supplied same-street evidence, although the latest £26,000 sale is below the guide. Flip surplus cannot be calculated because refurbishment, disbursement and selling costs are unknown.

Investor Risks & Due Diligence

• No access was obtained, so condition and required works are unknown.

• The guide exceeds the latest supplied same-street completed sale of £26,000.

• The £550 pcm figure is an advertised asking rent rather than achieved rent.

• Buyer premium, admin charge and possible legal-pack disbursements reduce returns.

• Rear yard/garden is subject to verification.

• EPC and council tax information are unavailable.

Recommendation

Proceed only subject to legal-pack review, access and a satisfactory inspection. Treat as a conditional rental opportunity rather than relying on a flip or BRRR exit.

Strategy Rating

Analysis Confidence

There are same-street sales, one local asking rent and a stated lease term, but there was no property access and refurbishment, EPC, council tax, disbursements and legal-pack costs are unavailable.