55 De Lacey Avenue, Skegness, Lincolnshire

Description

A Semi-Detached House requiring modernisation with accommodation arranged on Two Floors.

Accommodation

First Floor: Bedroom (One), Bedroom (Two), Bedroom (Three), Bathroom/WC. Ground Floor: Entrance Hall, Living Room, Dining Room, Kitchen, Addition Room. Front Garden. Garden at Rear.

Location

Situated on De Lacey Avenue, close to the amenities available in Skegness Town Centre and travelling facilities including Skegness Train Station. Skegness Beach is also nearby.

Tenure / Property Information

Investment Analysis

The £94,950 sale of the same street's semi-detached No. 50 in November 2016 is the strongest available market evidence. The subject also sold for £51,500 in 2000, but that is historic. A base GDV of £94,950 is therefore used only as an indicative comparable-based estimate, not a formal valuation. No reliable low/high scenario can be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let or BRRR opportunity at the guide price, but only subject to a full survey, confirmed refurbishment budget, achieved-rent validation and review of the special conditions. Do not bid to an assumed maximum without those costs.

Works Required

Modernisation is required according to the description. The supplied evidence does not specify particular defects, finishes or systems, so no detailed scope or cost allowance can be supported. A full inspection and refurbishment quotation are required.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide price, the purchase premium is £1,500 inclusive of VAT, before any applicable seller fees and refurbishment expenditure. Using the indicative £94,950 GDV, 75% refinancing would be approximately £71,212.50. Cash left in cannot be calculated because the works budget and complete project cost are unavailable. The strategy is therefore conditional on survey, refurbishment pricing and finance terms.

Buy-to-Let Analysis

The advertised rent of £850 pcm implies annual gross rent of £10,200 and a 20.4% gross yield against the £50,000 guide price. This is based on an asking rent, not achieved rent, and excludes modernisation, buyer premium, financing, voids, maintenance, management and other costs. A reliable net yield or yield on total project cost cannot be established because refurbishment costs and any seller fees are unknown.

Flip Analysis

The indicative GDV of £94,950 is supported primarily by the same-street 2016 comparable. A flip surplus cannot be calculated because refurbishment costs, selling costs and any applicable seller fees are not supplied. The comparable is also dated, so current resale value remains uncertain.

Investor Risks & Due Diligence

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

• The £850 pcm figure is an advertised asking rent rather than an achieved rent.

• The principal comparable is from 2016 and may not reflect current market value.

• EPC information is not yet available.

• The seller may charge additional completion fees under the special conditions, but the amount is unknown.

• Buyer premium is £1,500 inclusive of VAT and is additional to the £50,000 guide price.

Recommendation

Potential buy-to-let or BRRR opportunity at the guide price, but only subject to a full survey, confirmed refurbishment budget, achieved-rent validation and review of the special conditions. Do not bid to an assumed maximum without those costs.

Strategy Rating

Analysis Confidence

There is one useful same-street completed sale and one advertised rent, but the comparable is dated, the property requires unspecified modernisation, EPC and heating details are unavailable, and total project costs and seller fees are unknown.