27 Lismore Drive, Darlington, County Durham, DL1 3PU

Description

Newly redecorated, unfurnished two-bedroom second-floor flat on Lismore Drive, Darlington, extending to 646 square feet. The property has new carpets and flooring throughout, newly fitted electric heaters and a secure entry system. It is located close to an ASDA supermarket and petrol station, with access to the bypass and major roads.

Accommodation

Reception room, two bedrooms and bathroom.

Location

Lismore Drive is an established residential area of Darlington. The property provides access to Darlington town centre, shops, supermarkets, cafés, restaurants, leisure facilities, local schools, amenities and public transport links. Darlington railway station and the A66 and wider road network are accessible.

Tenure / Property Information

Investment Analysis

The £50,000 guide is supported only by one highly dated local leasehold flat sale at £29,000 in 1996, which is not a reliable indication of current market value. No current comparable sales or formal valuation evidence is supplied, so GDV and a supported maximum bid cannot be established. The auctioneer’s £550 PCM rent is an estimate rather than achieved rent.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let only if the legal pack confirms an acceptable remaining lease term and total fees, and the £550 PCM rent is independently validated. Do not rely on the headline yield alone.

Works Required

No refurbishment works are evidenced as required. The flat is described as newly redecorated with new carpets, flooring and electric heaters. Allow for inspection, cleaning and any minor repairs only if confirmed, as no cost evidence is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because no reliable current GDV, refurbishment budget, lease term or total acquisition-cost information is supplied. Refinance proceeds at 75% of GDV and cash left in therefore cannot be calculated.

Buy-to-Let Analysis

At the £50,000 guide and the auctioneer’s estimated £550 PCM rent, gross rent is £6,600 annually and the headline gross yield is 13.2% before finance, management, maintenance, voids, insurance, tax and undisclosed buyer or administration charges. The yield is not independently validated by external rental comparables.

Flip Analysis

A flip surplus cannot be established. Current resale value evidence, selling costs, refurbishment costs and a reliable GDV are unavailable; the only supplied sale is from 1996.

Investor Risks & Due Diligence

• Buyer Premium amount is unspecified.

• Additional fees may apply under the legal pack and Special Conditions.

• Remaining lease term is not specified.

• The £550 PCM rent is an auctioneer estimate, with no sufficiently specific external rental comparable supplied.

• Current market value cannot be supported from the single 1996 comparable.

• Electric heating and EPC D may affect running costs and tenant demand, but no cost evidence is supplied.

Recommendation

Potentially suitable for buy-to-let only if the legal pack confirms an acceptable remaining lease term and total fees, and the £550 PCM rent is independently validated. Do not rely on the headline yield alone.

Strategy Rating

Analysis Confidence

Basic property, guide price and auctioneer rent information are available, but current comparable sales, lease term, buyer premium, additional charges, refurbishment costs and reliable GDV evidence are missing.