34 Lorne Street, Carlisle, Cumbria, CA2 5DX

Description

A two bedroom mid terrace house. Externally the property from a rear garden. In need of modernisation. Vacant.

Accommodation

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

Location

Located on Lorne Street, accessed off Lorne Crescent and Denton Street. Amenities are available locally on Currock Road and Blackwell Road, with Carlisle city centre approximately 0.8 miles. A broad range of recreational amenities are available along the river Calder and at St. James' Park and Upperby Park. Transport Carlisle - Avanti West Coast / ScotRail / Transpennine Express / northern / Caledonian Sleeper.

Tenure / Property Information

Investment Analysis

The five supplied completed sales on Lorne Street range from £70,000 to £140,000. A base GDV of £115,000 is used, supported by the £115,000 sale at 12 Lorne Street, with a low/high evidence range of £70,000–£140,000. These comparables do not provide condition or specification details, so the subject's modernisation requirement creates material uncertainty.

Investment Snapshot

Strategy Recommendation

Potentially attractive as a vacant refurbishment purchase, but proceed only after confirming the condition, refurbishment budget, auction fees and resale valuation. Do not rely on the headline yield or theoretical BRRR cash release until these costs are known.

Works Required

Modernisation is required, but the supplied evidence does not specify the works or provide a cost allowance. Obtain a full inspection and contractor quotations before bidding; no specific defects should be assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £45,000 guide, the theoretical refinance at 75% of the £115,000 base GDV is £86,250. Cash left in cannot be calculated because refurbishment costs and applicable buyer or seller charges are not supplied. The strategy is therefore conditional on survey findings, works quotations and refinance valuation.

Buy-to-Let Analysis

The advertised asking rent of £875 pcm implies annual gross rent of £10,500 and a 23.33% gross yield against the £45,000 guide. This is only a guide-price calculation and excludes modernisation, auction buyer fees, VAT where applicable, financing, management, maintenance, voids and other costs. Achieved rent is unconfirmed.

Flip Analysis

The supplied completed sales support a broad £70,000–£140,000 resale evidence range, with £115,000 used as base GDV. A flip surplus cannot be calculated because refurbishment costs, auction charges, selling costs and finance costs are unavailable.

Investor Risks & Due Diligence

• The property is vacant and described as in need of modernisation, but the scope and cost of works are unknown.

• The rental evidence is an advertised asking rent rather than an achieved or passing rent.

• The guide excludes the buyer's fee and VAT may apply; other seller charges are also unresolved.

• The sold comparables have no supplied information on condition, size, specification or refurbishment level.

• The wide £70,000–£140,000 comparable range creates substantial resale-value uncertainty.

Recommendation

Potentially attractive as a vacant refurbishment purchase, but proceed only after confirming the condition, refurbishment budget, auction fees and resale valuation. Do not rely on the headline yield or theoretical BRRR cash release until these costs are known.

Strategy Rating

Analysis Confidence

There are five relevant completed sales and one advertised rental, but no condition-adjusted valuation, refurbishment quotations, buyer/admin fee figures, survey, or confirmed achieved rent.