20 Lismore Drive, Darlington, County Durham

Description

A two bedroom ground floor flat. The property forms part of a three storey purpose built block. In need of modernisation. Vacant.

Accommodation

Ground Floor - Entrance Hallway, Reception Room, Kitchen, Two Bedrooms, Bathroom/WC.

Location

Located on Lismore Drive, accessed off Shetland Drive. A range of amenities are available nearby on Whinbush Way, Whinfield Road, Haughton Green with a broader range available within the town centre (approximately 2.7 miles). The recreational facilities of Springfield Park, Fryers Park and Rockwell Local Nature Reserve are easily accessible. Nearby road communications include the A1 (M) and A66. Transport North Road - Northern. Darlington is a market town in County Durham.

Tenure / Property Information

Investment Analysis

Current market value cannot be reliably established from the supplied evidence. The only sold comparable is the same-road flat at £29,000, but it completed in 1996 and is not a suitable current valuation benchmark without updated evidence. The £20,000 guide is not a valuation and buyer, seller and VAT-related costs remain unspecified.

Investment Snapshot

Strategy Recommendation

Treat as a conditional value-add opportunity only. Obtain a full inspection, legal-pack review, current local valuation evidence and complete auction-cost schedule before bidding; no evidence-based maximum bid can be calculated.

Works Required

Modernisation of the vacant two-bedroom flat, with the precise scope to be confirmed by inspection and the legal pack. The supplied description supports allowing for general updating, but does not evidence specific defects or a quantified works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not supportable because current GDV, refurbishment cost, acquisition charges and refinance value are unavailable. The new 990-year lease is stated, but the full lease terms and associated obligations require legal-pack review. No refinance or cash-left-in figure should be relied upon.

Buy-to-Let Analysis

Rental evidence comprises advertised asking rents of £750 and £825 pcm, not achieved rents. These imply annual asking-rent income of approximately £9,000–£9,900 and indicative gross yields of 45.0%–49.5% against the £20,000 guide, before works, acquisition costs, finance, service charges, management, voids and maintenance. A reliable net yield cannot be established.

Flip Analysis

A flip appraisal cannot be quantified. The only supplied sale comparable is from 1996, while no current GDV, works budget, selling costs or buyer costs are provided. Any resale surplus would therefore be speculative.

Investor Risks & Due Diligence

• The only sold comparable dates from 1996 and cannot reliably establish current value.

• The flat is described as needing modernisation, but no inspection-based scope or works cost is supplied.

• Buyer fees, seller charges and possible VAT are unspecified.

• The full terms and obligations of the new 990-year lease require legal-pack review.

• Rental figures are advertised asking rents rather than achieved or passing rents.

• The property is vacant, so there is no established passing rental income.

Recommendation

Treat as a conditional value-add opportunity only. Obtain a full inspection, legal-pack review, current local valuation evidence and complete auction-cost schedule before bidding; no evidence-based maximum bid can be calculated.

Strategy Rating

Analysis Confidence

Evidence includes the guide, basic property description, one outdated sold comparable and two advertised rents, but lacks current sales evidence, quantified works, buyer/admin charges, service-charge information, current GDV and full lease details.