49 Queen Street, Grange Villa, Chester Le Street, Durham

Description

A Vacant Two Bedroom Mid Terrace House in Need of Refurbishment. The property comprises a two bedroom mid terrace house arranged over ground and first floors.

Accommodation

Ground Floor: Reception Room, Kitchen. First Floor: Two Bedrooms, Bathroom. Exterior: The property benefits from a rear garden.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Riverside Park are within easy reach. Transport links are provided by Chester-le-Street rail station.

Tenure / Property Information

Investment Analysis

Five completed sales on the same street range from £26,000 to £50,000, with four sales between £36,000 and £50,000. A provisional base GDV of £40,000 is supported by the comparable evidence, but the subject's refurbishment requirement and the unknown condition of the comparables create uncertainty. No auction guide price has been supplied.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, inspecting the refurbishment requirement and establishing a maximum purchase price that leaves adequate margin below the provisional GDV.

Works Required

General refurbishment is stated, but no itemised defects or scope are provided. Any works should be confirmed by inspection and the legal pack before bidding; no refurbishment cost can be supported from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A provisional £40,000 base GDV implies 75% refinancing of £30,000. The purchase price, works cost and other acquisition costs are unavailable, so total project funding, equity requirement and cash left in cannot be calculated.

Buy-to-Let Analysis

Advertised rental evidence ranges from £450 to £600 pcm, equivalent to £5,400–£7,200 annually, but these are asking rents rather than achieved rents. Yield cannot be established because no purchase price, guide price or refurbishment budget is supplied.

Flip Analysis

The completed-sale evidence supports a broad resale range of £26,000–£50,000 and a provisional £40,000 base GDV. A flip surplus cannot be calculated because the purchase price, refurbishment cost and selling allowance are not supplied.

Investor Risks & Due Diligence

• No auction guide price or purchase price is provided, preventing bid, total-cost and yield calculations.

• The property is vacant and stated to need refurbishment, but the condition and scope of works are unknown.

• Comparable sale prices vary materially from £26,000 to £50,000.

• Rental figures are advertised asking rents, not achieved or passing rents.

• Special Conditions may contain additional search, seller, legal, transfer or disbursement charges.

• Refinance value and loan availability are not guaranteed by the indicative 75% GDV calculation.

Recommendation

Proceed only after reviewing the legal pack, inspecting the refurbishment requirement and establishing a maximum purchase price that leaves adequate margin below the provisional GDV.

Strategy Rating

Analysis Confidence

There is useful same-street sold evidence and rental asking evidence, but the auction guide, purchase price, works scope, works costs and several property-cost details are missing.