49 Tunnard Street, Grimsby

Description

A traditionally constructed mid terrace house, offered for sale requiring improvement work throughout, but benefitting from double glazing, central heating and would be of interest to both owner occupiers and investors alike, with further scope to add value. Properties of a similar style in the area are stated to generate £600pcm (£7,200 per annum).

Accommodation

Ground Floor: Lounge, dining room, kitchen, bathroom. First Floor: Bedroom 1, bedroom 2, bedroom 3. Enclosed rear garden with a range of shrubs.

Location

Situated on Tunnard Street, Grimsby, a popular and central area of this north east Lincolnshire market and port town. The town centre is within close proximity, offering a wide range of retail and leisure facilities. Grimsby is well positioned for access to the M180 road network.

Tenure / Property Information

Investment Analysis

Five same-street completed sales range from £47,500 to £64,000, with a median of £50,000. A £50,000 base GDV is supported, although the property requires improvement work and the comparables' condition is not provided.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led BTL, subject to inspection, legal-pack review and firm works quotations. Do not rely on the apparent yield until total costs are known.

Works Required

Improvement work throughout is required. The evidence does not provide a detailed schedule, specification or cost allowance; inspect the property and obtain contractor quotations before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide, the stated buyer premium and admin charge bring the known acquisition outlay to £28,860 before works and other possible disbursements. A 75% refinance at the £50,000 base GDV would be £37,500, but cash left in cannot be calculated without refurbishment and completion costs.

Buy-to-Let Analysis

The auctioneer estimates £600 pcm, broadly supported by advertised asking rents of £595–£695 pcm. At the £25,000 guide, this indicates £7,200 annual rent and a 28.8% gross yield before refurbishment, finance, operating costs and fees. Achieved rent is not evidenced.

Flip Analysis

The base GDV is £50,000, but refurbishment costs, resale costs and the property's post-works condition are unsupported. A reliable flip surplus and maximum bid cannot therefore be calculated.

Investor Risks & Due Diligence

• Unknown refurbishment scope and cost

• Comparable sale condition and specifications are not provided

• Advertised rents and the auctioneer rent estimate are not achieved or passing rents

• Possible legal-pack disbursements and other purchaser costs are unspecified

• Post-works GDV remains uncertain within the £47,500–£64,000 comparable range

Recommendation

Potential refurbishment-led BTL, subject to inspection, legal-pack review and firm works quotations. Do not rely on the apparent yield until total costs are known.

Strategy Rating

Analysis Confidence

Same-street sold comparables and rental evidence are available, but refurbishment scope, costs, occupancy and potential disbursements are not provided.