62 Errington Street, Saltburn-by-the-Sea, Cleveland

Description

The property comprises this mid-terrace two floor house which prior to the fire damage provided two-bedroomed accommodation and has been a successful rental investment for many years.

Accommodation

Two Bedrooms, Reception Room, Kitchen, Bathroom/wc. Outside: Rear Yard.

Location

This area of Brotton lies to the south of Saltburn-by-the-Sea and whilst there are good local services in Brotton, more comprehensive services can be found at Saltburn-by-the-Sea. There are good transport links in the area with the A174 lying just to the south of Brotton whilst a rail connection is available at Saltburn. The area offers good outdoor recreational facilities together with Saltburn beach which is within some 10 minutes’ drive.

Tenure / Property Information

Investment Analysis

Same-street sold comparables range from £36,000 to £65,000, with the most recent evidence at £50,000 on 17 April 2026. A base GDV of £52,500 is used, reflecting the £52,500 comparable, with a low scenario of £50,000 and high scenario of £65,000. The evidence does not confirm comparable condition, floor area, specification or whether any sale reflected fire damage, so the GDV remains indicative.

Investment Snapshot

Strategy Recommendation

Proceed only after inspection and fixed refurbishment quotations. Treat the guide as an invitation to investigate rather than a bidding basis; do not bid until the unknown fire-damage costs and resale or rental strategy are quantified.

Works Required

Fire-damage reinstatement is required, but the supplied evidence does not define the affected areas or scope. Obtain a full building survey, fire-damage assessment, structural review, services testing and contractor quotations before bidding. Works may include only those repairs, replacements and redecoration confirmed by the inspections.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because the fire-damage reinstatement cost, rental value and total project cost are unknown. At the indicative £52,500 GDV, 75% refinancing would be £39,375, but the resulting cash position cannot be calculated without verified purchase, works and fee costs.

Buy-to-Let Analysis

The property was previously described as a successful rental investment, but no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Rent and yield cannot therefore be established. The £1,800 buyer admin charge and any seller's additional fees would also need to be allowed for.

Flip Analysis

The indicative base GDV is £52,500, supported by same-street sales, but refurbishment costs and selling costs are unavailable. A flip surplus and maximum bid therefore cannot be calculated. The £25,000 guide plus the known £1,800 admin charge totals £26,800 before works, other fees, finance and taxes, but this is not a viable total project cost.

Investor Risks & Due Diligence

• Unknown extent and severity of fire damage.

• No refurbishment quotations or verified project cost.

• No sufficiently specific rental evidence or auctioneer rent estimate.

• Comparable sales have a wide range from £36,000 to £65,000 and their condition and specification are not supplied.

• Seller may charge additional completion fees under the special conditions.

• Parking and heating information is not supplied.

• Finance, taxation and resale costs are not supplied.

Recommendation

Proceed only after inspection and fixed refurbishment quotations. Treat the guide as an invitation to investigate rather than a bidding basis; do not bid until the unknown fire-damage costs and resale or rental strategy are quantified.

Strategy Rating

Analysis Confidence

There are several relevant same-street completed sales and a stated freehold tenure, but the fire-damage scope, refurbishment cost, rent, selling costs and any seller's additional fees are unsupported.