23 Coronation Street, Darlington, County Durham, DL3 6QT

Description

Situated in the Denes area of Darlington, 23 Coronation Street is a two bedroom end terraced property offering an appealing investment opportunity for buyers looking to add to their rental portfolio. The property is understood to be tenanted, with a reported rental income of £600 per calendar month (£7,200 per annum), as advised by the agent. The location benefits from proximity to Darlington Memorial Hospital and the town centre, providing convenient access to local amenities and services. The property is offered for sale by auction, presenting an opportunity for investors seeking an income producing residential property.

Accommodation

Two bedroom end terraced property

Location

Situated in the Denes area of Darlington, with proximity to Darlington Memorial Hospital and the town centre.

Tenure / Property Information

Investment Analysis

The five supplied same-street freehold terrace sales range from £72,000 to £96,000, with the most recent three at £72,000, £96,000 and £86,000. An indicative base GDV of £86,000 is used, with £72,000 low and £96,000 high scenarios. Comparability is limited because condition, floor area, specification and tenancy details are not supplied.

Investment Snapshot

Strategy Recommendation

Potential income-led BTL purchase if the reported tenancy, £600 pcm rent and legal position are verified. Do not rely on the BRRR or flip case without condition, cost and tenancy evidence.

Works Required

No specific defects or refurbishment requirements are evidenced. No works allowance has therefore been included; verify condition, tenancy documentation, compliance and the legal pack before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £86,000 base GDV, 75% refinance is £64,500. Against the £70,600 purchase price plus stated administration charge, this leaves an indicative £6,100 cash shortfall before refurbishment, finance, tax and other costs. No refurbishment cost or condition evidence is supplied, so BRRR feasibility cannot be confirmed.

Buy-to-Let Analysis

The agent reports existing rent of £600 pcm, or £7,200 annually. This equates to 10.75% gross yield on the £67,000 guide and approximately 10.20% on £70,600 including the stated £3,600 administration charge. These are gross figures before finance, tax, maintenance, voids, management, insurance and other auction or legal costs. The £650 pcm rental listing is asking-rent evidence only, not achieved rent.

Flip Analysis

The supplied same-street sales support an indicative £72,000–£96,000 value range and £86,000 base case. However, no works requirement, selling allowance or full acquisition-cost schedule is evidenced. A reliable flip surplus therefore cannot be calculated.

Investor Risks & Due Diligence

• Reported rent and tenancy details require verification and are not supported by a tenancy agreement or passing-rent documentation.

• Additional auction costs may include search fees, seller-cost reimbursement, legal fees, transfer fees and disbursements.

• Property condition and refurbishment requirements are unknown.

• Comparable sale prices vary materially from £72,000 to £96,000 and may not be directly comparable in size or condition.

• Gross yield calculations exclude finance, tax, maintenance, insurance, management and void costs.

Recommendation

Potential income-led BTL purchase if the reported tenancy, £600 pcm rent and legal position are verified. Do not rely on the BRRR or flip case without condition, cost and tenancy evidence.

Strategy Rating

Analysis Confidence

There is useful same-street sold-price evidence, a reported rent and a stated administration charge, but condition, floor area, tenancy documentation, additional fees and refurbishment requirements are not supplied.