18 Tunnel Road, Retford, Nottinghamshire, DN22 7TA

Description

A three-bedroom property, providing spacious accommodation across two floor levels with a family bathroom to the ground floor. The property requires some modernisation throughout but has the potential to make an ideal buy to let investment opportunity or family home. Externally the property benefits from two outdoor stores that have previously been utilised as a utility and laundry room. Located in the popular area of Ordsall, 18 Tunnel Road benefits from many local amenities such as schools, pubs and shops. Retford Town Centre is also only a short distance away where you can find a wider range of amenities, with Retford Train Station also within easy access.

Accommodation

Ground Floor: Entrance Hall, Lounge, Kitchen Diner, Side Entrance, Bathroom. First Floor: Landing, Three Bedrooms and W/C. External: Two Outdoor Stores and Rear Garden.

Location

Located in the popular area of Ordsall, with local amenities including schools, pubs and shops. Retford Town Centre is a short distance away, and Retford Train Station is within easy access.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Tunnel Road range from £85,000 to £115,000, with the two most recent sales at £107,500 in November 2022 and £115,000 in November 2021. These provide evidence for an indicative base GDV of £107,500, but the sales dates, property condition and specification differences limit confidence. The £138,000 guide is above the supplied comparable evidence before allowing for modernisation costs.

Investment Snapshot

Strategy Recommendation

Do not bid at the £138,000 guide on the supplied evidence. Reassess only after obtaining a detailed refurbishment quotation, property-specific rental evidence and the Special Conditions, with any bid anchored below the available comparable evidence.

Works Required

Modernisation throughout, as stated in the description. The two external stores have previously been used as utility and laundry rooms, but their current condition and any required works are not evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative base GDV of £107,500, 75% refinance would be approximately £80,625. This is materially below the £138,000 guide before the £1,800 admin charge and any refurbishment or seller fees, so the supplied evidence does not support a viable BRRR purchase at guide price.

Buy-to-Let Analysis

The supplied rental evidence is an advertised £1,100 pcm asking rent for three-bedroom properties in Nottinghamshire, not a property-specific achieved or passing rent. At the £138,000 guide, this implies a gross yield of approximately 9.57% before modernisation, finance, operating costs and fees. The yield is not fully reliable because the rent is not specific to 18 Tunnel Road and refurbishment costs are unknown.

Flip Analysis

The indicative base GDV of £107,500 is below the £138,000 guide before the £1,800 admin charge, refurbishment and resale costs. A flip surplus cannot be calculated because refurbishment and selling costs are not supplied; however, the available evidence indicates negative margin at the guide price before those costs.

Investor Risks & Due Diligence

• The £138,000 guide exceeds all supplied completed sales on Tunnel Road.

• The property requires modernisation throughout, but no refurbishment budget is provided.

• The £1,100 pcm figure is an advertised area asking rent rather than achieved or passing rent for this property.

• The £1,800 buyer admin charge is known, while additional seller fees may apply under the Special Conditions.

• EPC rating E may affect future letting or improvement requirements, but upgrade costs are not evidenced.

Recommendation

Do not bid at the £138,000 guide on the supplied evidence. Reassess only after obtaining a detailed refurbishment quotation, property-specific rental evidence and the Special Conditions, with any bid anchored below the available comparable evidence.

Strategy Rating

Analysis Confidence

Same-road freehold completed sales and general three-bedroom rental asking evidence are available, but the comparables are dated, the rental evidence is not property-specific, and refurbishment, selling, parking, heating and seller-fee details are missing.