44, Elkington Walk, MIDDLESBROUGH, Cleveland

Description

Freehold end terrace house requiring some upgrading. The property comprises a two-floor end-terrace house that was previously held as a rental investment. The security shutters will be removed on or before completion of the sale.

Accommodation

First Floor: Three Bedrooms, Bathroom/wc. Ground Floor: Reception Room, Kitchen. Outside: Front and Rear Gardens.

Location

Elkington Walk is a pavement fronting development of houses that lies off the south side of Fulbeck Road in this residential area to the southeast of Middlesbrough centre. There are good local shopping facilities in the vicinity, with Middlesbrough centre providing a more comprehensive range of shopping facilities and recreational pursuits. The area has good transport links with the A171 lying to the west linking north to the A66 and south to the A174.

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is 46 Elkington Walk at £90,000 in December 2024. The subject itself sold for £73,000 in June 2022, while other same-street sales range from £60,000 to £65,000. A base GDV of £90,000 is supported by the latest comparable, with £73,000 as a cautious lower scenario. Condition differences between the properties are unknown, so this is indicative only.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a cautious BTL or value-add purchase only if the final bid remains close to the guide and a survey confirms limited upgrading. Verify achievable rent, all special-condition fees and works before bidding; do not rely on the headline GDV spread.

Works Required

Complete a survey-led programme of the stated upgrading requirements. No specific defects or work items are evidenced, so refurbishment scope and cost cannot be quantified. Security shutters are stated to be removed by completion.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £40,000 guide plus the known £1,800 contract documentation fee, the identifiable pre-works acquisition cost is £41,800, excluding any seller fees and other costs. A 75% refinance against the £90,000 base GDV would be £67,500. However, the refurbishment budget, total project cost and final purchase price are unavailable, so cash left in and refinance viability cannot be established reliably.

Buy-to-Let Analysis

The supplied advertised rents range from £325 to £895 pcm, equivalent to £3,900 to £10,740 per year. Against the £40,000 guide, this indicates a gross yield range of approximately 9.75% to 26.85%, but the evidence consists only of asking rents and is unusually wide. A reliable BTL appraisal requires verified achievable rent, upgrading costs, operating costs and the final purchase price.

Flip Analysis

The evidence supports an indicative resale value around £90,000, with £73,000 as a lower evidenced scenario. A flip appraisal cannot be completed because the required upgrading cost, seller fees, finance costs and selling allowance are not supplied. The apparent guide-to-GDV spread should not be treated as profit.

Investor Risks & Due Diligence

• The property requires some upgrading, but the extent and cost are not supplied.

• The rental evidence comprises advertised asking rents rather than achieved rents and ranges widely from £325 to £895 pcm.

• The final auction price may exceed the £40,000 guide.

• A £1,800 contract documentation fee is payable, and the seller may charge additional completion fees that are not quantified.

• Parking and heating details require confirmation.

• The stated GDV evidence does not establish the subject property's current condition or exact resale value.

Recommendation

Potentially suitable for a cautious BTL or value-add purchase only if the final bid remains close to the guide and a survey confirms limited upgrading. Verify achievable rent, all special-condition fees and works before bidding; do not rely on the headline GDV spread.

Strategy Rating

Analysis Confidence

There are several directly comparable completed sales and rental asking evidence, but the property condition, refurbishment cost, achievable rent, final auction price and additional seller fees are uncertain.