7 Drake Street, Gainsborough, Lincolnshire DN21 1DF

Description

A traditional style mid terrace house with accommodation briefly comprising of: lounge through dining room, kitchen, bathroom, and three bedrooms. The property benefits from gas central heating system and Upvc double glazed windows and offers scope to add value or generate a strong yield in this area of high rental demand.

Accommodation

Entrance Hallway; Dining Room; Lounge; Kitchen; First Floor; Bedroom One; Bedroom Two; Bathroom. Externally, to the front is a wall and gated low maintenance buffer garden with pathway leading to the front entrance door, and to the rear is an enclosed low maintenance concrete yard with gated access and space for shed.

Location

Located within a residential part of the market town of Gainsborough having access to a wealth of amenities including the town centre and exceptional Marshalls Yard retail and leisure complex.

Tenure / Property Information

Investment Analysis

Same-street completed sales range from £39,999 to £103,000. Recent evidence includes £64,000 and £85,000, but differing condition, size and bedroom count are unknown. A cautious base GDV estimate is £85,000, with £64,000–£103,000 as an evidence-supported scenario range. The listing conflicts on bedroom count, stating two bedrooms but describing three.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a yield-led purchase if bought within the guide range and condition is acceptable, but complete legal, condition and rental due diligence first.

Works Required

No specific defects or required works are evidenced. Inspect condition, confirm the bedroom layout, and review the legal pack before allowing for any refurbishment.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV estimate of £85,000, 75% refinance is approximately £63,750. Whether this produces usable capital depends on the purchase price, refurbishment cost, finance costs and other acquisition expenses, which are not sufficiently evidenced.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £650 pcm, equating to £7,800 annually. Against the £30,000–£50,000 guide, the indicative gross yield range is 15.6%–26.0%, before fees, finance, tax, maintenance, voids and any works. Achieved rent is unverified.

Flip Analysis

A potential resale spread exists against the completed sales, but refurbishment costs, selling costs and the achievable resale value are uncertain. Flip surplus cannot be calculated reliably.

Investor Risks & Due Diligence

• Wide range in same-street completed sale prices.

• Property description conflicts on whether it has two or three bedrooms.

• Required refurbishment works and condition are not evidenced.

• £650 pcm is an advertised asking rent, not an achieved rent.

• Buyer premium, admin charge and possible legal-pack disbursements increase acquisition costs.

• EPC rating is currently unconfirmed.

Recommendation

Potentially suitable for a yield-led purchase if bought within the guide range and condition is acceptable, but complete legal, condition and rental due diligence first.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and one advertised rent, but condition, dimensions, true bedroom count, required works, EPC, legal disbursements and achieved rent are unconfirmed.