3 Lime Terrace, Eldon Lane, Bishop Auckland, County Durham

Description

An excellent opportunity to acquire this two-bedroom mid-terraced property situated on Lime Terrace, Eldon, a well-established residential location with convenient access to local amenities, transport links and the town centre. The accommodation briefly comprises an entrance lounge, spacious kitchen, family bathroom and two well-proportioned bedrooms to the first floor. Externally, the property benefits from an enclosed rear yard. Additional features include UPVC double glazing throughout and gas central heating. The property is being sold with tenant-in-situ at a rental income £4,740 per annum gross. Please note, Auction House North Yorkshire and Tees Valley have not made an internal inspection of the property at the time of marketing. There is a video available on request.

Accommodation

Entrance lounge, spacious kitchen, family bathroom and two well-proportioned bedrooms to the first floor. Enclosed rear yard.

Location

Situated on Lime Terrace, Eldon, a well-established residential location with convenient access to local amenities, transport links and the town centre.

Tenure / Property Information

Investment Analysis

Same-terrace sold evidence ranges from £20,500 to £52,000. A base GDV of £35,000 is used, with £24,500 low and £52,000 high scenarios, but condition is uncertain because there has been no internal inspection.

Investment Snapshot

Strategy Recommendation

Potential income-led purchase only if the tenancy, condition and legal pack are satisfactory. Do not rely on a flip or BRRRR strategy without inspection and full cost verification.

Works Required

No specific works can be supported without an internal inspection. Verify condition, services, tenant occupation and legal-pack requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the base £35,000 GDV indicates £26,250, but total project cost cannot be established because refurbishment costs, legal-pack disbursements and other costs are unknown. Refinance viability is therefore unconfirmed.

Buy-to-Let Analysis

The stated gross rent is £395 pcm (£4,740 annually). Against the £20,000–£25,000 guide this indicates approximately 18.96%–23.70% gross yield before fees, maintenance, voids and finance. The £1,800 minimum buyer premium plus £1,800 admin charge materially increase total cost; tenancy terms and rent status require verification.

Flip Analysis

The evidence supports a broad £24,500–£52,000 resale-value range, but no refurbishment allowance, selling costs or internal condition evidence is available. A reliable flip surplus cannot be calculated.

Investor Risks & Due Diligence

• No internal inspection has been carried out, so condition and refurbishment requirements are unknown.

• Tenant-in-situ tenancy terms, payment history and occupancy documentation are not supplied.

• Buyer premium, admin charge and possible legal-pack disbursements reduce returns.

• Comparable sale prices vary materially from £20,500 to £52,000.

• EPC, council tax and other property information are not supplied.

Recommendation

Potential income-led purchase only if the tenancy, condition and legal pack are satisfactory. Do not rely on a flip or BRRRR strategy without inspection and full cost verification.

Strategy Rating

Analysis Confidence

Sold comparables and stated rent are available, but there is no internal inspection, external rental evidence, EPC, tenancy detail or complete cost information.