Ermine House, 72 West Street, Winterton, Scunthorpe

Description

A wonderful opportunity to acquire this well proportioned and versatile, end of terrace property, offering significant scope to add value by way of remedial works and renovation. The property offers potential to generate a strong yield in this area of strong rental demand, with potential income of £850pcm (£10,200 per annum) in good spec.

Accommodation

Ground Floor: Reception Room, Kitchen, Conservatory, Sun Room. First Floor: Bedroom 1, Bedroom 2, Bathroom. Outside: Gardens to the rear.

Location

The property is situate on West Street, Winterton, a popular and well served North Lincolnshire town, offering a wide range of facilities and amenities, along with good transport links to Scunthorpe and the wider area. The M180/A15 road network is within easy reach.

Tenure / Property Information

Investment Analysis

Same-street sold evidence comprises £93,000 and £130,000 transactions in 2018–2019, plus older sales. A cautious base GDV of £111,500 uses the midpoint of the two most recent evidenced sales, but condition, size and specification differences are unverified.

Investment Snapshot

Strategy Recommendation

Proceed only after legal-pack review, survey and a fully costed renovation plan. The property may suit a refurbishment-led BTL, but the low guide is not sufficient evidence of profitability.

Works Required

Remedial works and renovation to achieve good specification, with attention to the current EPC G rating. Exact defects, scope and costs require survey and legal-pack review.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £111,500 base GDV, 75% refinance is £83,625. However, refurbishment costs, total project cost and cash recycling cannot be established from the supplied evidence.

Buy-to-Let Analysis

The auctioneer estimates potential good-spec rent at £850 pcm, equivalent to £10,200 annually. This implies a 204% gross yield against the £5,000 guide only; the result is not meaningful without refurbishment, finance, fees and achieved-rent evidence.

Flip Analysis

The evidenced same-street sales indicate a broad £93,000–£130,000 range, with a £111,500 midpoint. A reliable flip surplus cannot be calculated because works, selling costs and legal-pack disbursements are unknown.

Investor Risks & Due Diligence

• Current EPC rating G may require improvement.

• Remedial and renovation scope is not quantified.

• Auctioneer rent is an estimate rather than achieved rent.

• Buyer administration charge of £3,600 including VAT applies, with possible additional disbursements and special-condition costs.

• Comparable sales are dated and property-specific differences are unverified.

Recommendation

Proceed only after legal-pack review, survey and a fully costed renovation plan. The property may suit a refurbishment-led BTL, but the low guide is not sufficient evidence of profitability.

Strategy Rating

Analysis Confidence

Same-street sold evidence and an auctioneer rent estimate are available, but current condition, refurbishment costs, property size, achieved rent, selling costs and legal-pack charges are unresolved.