6 Harrington Road, Heysham, Morecambe, Lancashire

Description

Tenanted Two Bedroom Mid Terrace House. Auctionhouse are informed the tenant is currently paying £460pcm.

Accommodation

Lounge, dining room, kitchen, two bedrooms and a bathroom.

Tenure / Property Information

Investment Analysis

Five same-road freehold terraced sales range from £93,000 to £133,000, averaging £116,800. This supports a comparable-based GDV range, but bedroom/condition differences are not evidenced.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, tenancy terms, condition and pricing. The current rent appears modest relative to the comparable values.

Works Required

No refurbishment works are evidenced. Inspect the property and legal pack before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the base comparable GDV is approximately £87,600. Purchase price, works, fees and total cash requirement cannot be calculated because the guide and refurbishment allowance are unavailable.

Buy-to-Let Analysis

The reported passing rent is £460 pcm, producing £5,520 annually. Against the comparable GDV range this indicates approximately 3.46% to 5.94% gross yield before costs. The £950 pcm evidence is an advertised asking rent, not achieved rent, so it should not be relied upon without validation.

Flip Analysis

Comparable evidence supports a broad GDV range of £93,000 to £133,000, but no purchase price, works cost or selling allowance is supplied. Flip profitability cannot therefore be established.

Investor Risks & Due Diligence

• The property is tenanted and tenancy terms, arrears and possession position are not supplied.

• The reported rent is only £460 pcm and may not reflect achievable market rent.

• The £950 pcm figure is an advertised asking rent, not an achieved rent.

• Guide price, buyer premium and refurbishment costs are unavailable.

• Legal-pack disbursements and other special-condition costs may be payable and are unknown.

• Comparable sale prices range widely from £93,000 to £133,000.

Recommendation

Proceed only after reviewing the legal pack, tenancy terms, condition and pricing. The current rent appears modest relative to the comparable values.

Strategy Rating

Analysis Confidence

Multiple same-road completed sales and current rent are supplied, but bedroom/condition details for comparables, guide price, fees, works, tenancy terms and legal-pack costs are incomplete.