23 Peel Street, Thornaby, Stockton-On-Tees, North Yorkshire

Description

Well-presented 3-bedroom terraced house in Thornaby. Currently tenanted and generating a gross rental income of £650pcm/£7,800pa gross. Refurbished throughout in 2025. Please note, the auctioneer has not made an internal inspection of the property, and the photographs used are prior to the existing tenancy.

Accommodation

Ground floor: generous living room, separate dining room and refitted kitchen. First floor: three bedrooms and family bathroom. Externally, the front garden is fence enclosed and laid to gravel for low maintenance. The rear garden is fully enclosed with gated access to the rear, allowing off-road parking if required.

Location

Thornaby, close to shops and local amenities.

Tenure / Property Information

Investment Analysis

Same-street completed sales range from £45,000 to £80,000. Using £52,000 as a low case, £68,500 as a base case and £80,000 as a high case is supportable, although the comparables lack detailed condition and bedroom information. The stated 2025 refurbishment supports the base case, but internal condition remains unverified.

Investment Snapshot

Strategy Recommendation

Consider as a hold/B TL purchase only if the tenancy, legal pack and internal condition are verified. Avoid relying on a flip or BRRR exit at the guide price without stronger valuation and cost evidence.

Works Required

No specific works are evidenced because the property is stated to have been refurbished throughout in 2025. Internal inspection is still required; no allowance is applied for unidentified works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 guide price and applying only the stated £3,600 buyer/admin costs, total cost is £68,600. A 75% refinance against the £68,500 base GDV would be approximately £51,375, leaving indicative cash of £17,225 before finance, tax, legal and other costs. BRRR depends on the tenancy, valuation and unverified internal condition.

Buy-to-Let Analysis

At the stated £650 pcm rent, annual gross income is £7,800 and gross yield is 12.00% on the £65,000 guide price. Including the £1,800 buyer premium and £1,800 admin charge, the gross yield is approximately 11.37%, before finance, tax, management, maintenance and voids. Advertised rental evidence ranges from £600 to £725 pcm; the existing £650 pcm is within that range.

Flip Analysis

Using the £68,500 base GDV and £68,600 purchase-plus-known-cost basis, there is approximately £100 negative equity before selling costs. No selling-cost allowance is evidenced, so a reliable flip surplus cannot be calculated. The low and high GDV cases are £52,000 and £80,000.

Investor Risks & Due Diligence

• Auctioneer has not inspected the interior.

• Photographs pre-date the existing tenancy.

• Buyer may incur additional legal-pack disbursements, searches, seller costs, legal fees or transfer fees.

• Rental listings are advertised asking rents rather than achieved rents.

• Tenancy terms, arrears position and deposit status are not supplied.

• Refinance value may differ from the base GDV estimate.

Recommendation

Consider as a hold/B TL purchase only if the tenancy, legal pack and internal condition are verified. Avoid relying on a flip or BRRR exit at the guide price without stronger valuation and cost evidence.

Strategy Rating

Analysis Confidence

There are five same-street completed sales and three rental adverts, but comparable specifications are limited, the property was not internally inspected, photographs pre-date the tenancy, and disbursements and tenancy details are unavailable.