Two Bedroom Semi Detached Home | Tenant in Situ | Strong Yield Investment

Occupying a prominent corner position within the heart of the sought after village of Kirk Merrington, this two bedroom semi detached house presents an excellent opportunity for investors seeking a ready made buy to let with income secured from day one.

The property combines practical accommodation with character features, having recently been fully refurbished throughout with new carpets, kitchen, bathroom and more, making it an attractive proposition for both seasoned and first time landlords.

Key Features

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Tenant in situ

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Strong rental yield of 7.56%

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Desirable village location

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Corner plot position

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Recently fully refurbished

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UPVC double glazing and gas central heating

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Cast iron fire surround to the lounge

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EPC Rating C

Property Description

This well proportioned home enjoys a distinctive corner plot, enhancing both privacy and kerb appeal within the street. Bay windows to the front elevation add character and allow generous natural light to flow through the property.

Internally, the accommodation briefly comprises an entrance hall with staircase to the first floor, leading to a spacious reception room featuring a bay window and a cast iron feature fire surround, creating a warm and welcoming focal point. The kitchen breakfast room offers a practical layout with good natural light and further potential to modernise or reconfigure subject to requirements.

To the first floor are two well proportioned bedrooms, both benefiting from excellent light levels, alongside a bathroom fitted with a bath and overhead shower. The layout is straightforward and functional, appealing to long term tenants and offering flexibility for future upgrades.

To the rear of the property is a yard, providing useful outdoor space.

The neutral decor and practical layout make this a versatile home, while the corner position offers an enhanced sense of openness rarely found in comparable village stock.

Investment Summary

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Current Rent: £630 per calendar month

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Annual Rental Income: £7,560

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Sale Price: £100,000

Gross Yield:
£7,560 ÷ £100,000 = 7.56%

This represents a strong yield for a village based investment property, particularly when combined with an EPC rating of D, tenant in situ, and further potential to improve rental performance over time.

Tenancy Information

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Tenancy start date: 06 June 2024

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Rent: £630 pcm

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Deposit protected with DPS

Location

The property is situated in the heart of Kirk Merrington, a highly regarded village community located just over a mile from Spennymoor town centre.

The location is well placed for commuting to Durham, Darlington, and Teesside, with the A1 and A19 providing excellent regional road links.

Additional Information

Any interested parties must submit any higher offers in writing to the selling agent prior to exchange of contracts.

EPC Rating C

Summary

A fantastic investment opportunity offering:

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Tenant in situ

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7.56% gross yield at £100,000

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Desirable village location

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Scope for refurbishment and value uplift

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Practical, lettable layout with strong long term demand

Buy-it-Now option available Being Sold by GOTO Online Auction Buyer’s fees apply

Being Sold by GOTO Online Auction

Starting Bids from: £85,000

Buy it now option available

Please call or visit GOTO Online Auctions for more information.

This property is for sale by Online Auction. The Online Modern Method of Auction is a flexible buyer friendly method of purchase. The purchaser will have 56 working days to exchange and complete once the draft contract is received by the buyer’s solicitor (or 10 working days after receipt of the buyer’s premium, whichever is earlier). Allowing the additional time to exchange and complete the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer with be required to put down a non-refundable reservation fee. The fee will be a fixed fee including the Vat, this secures the transaction and takes the property off the market. The buyer will be required to agree to our terms and conditions prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found on the online Auction website or requested from our Auction Department.

Please note this property is subject to an undisclosed Reserve Price which is typically no more than 10% in excess of the Starting Bid. Both the Starting Bid and Reserve Price can be subject to change. Our primary duty of care is to the vendor. Terms and conditions apply to the Modern Method of Auction, which is operated by GOTO Auctions.

General Information: Auctioneer's Comments

This property is for sale by Online Auction which is a flexible and buyer friendly method of purchase. The purchaser will not be exchanging contracts on the fall of the virtual hammer but will be given 56 working days in which to complete the transaction, from the date the Draft Contract are issued by the seller’s solicitor. By giving a buyer time to exchange contracts on the property, means normal residential finance can be arranged.

The Buyer’s Premium secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign a Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Info Pack which can be downloaded for free from our website or requested from our Auction Department.

Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Buyer’s Premium of minimum £6,600 inclusive of VAT a Legal Pack fee of £396 including VAT. This secures the transaction and takes the property off the market. The Buyer’s Premium and administration charge are in addition to the final negotiated selling price.

Buyer Fees

There are no other fees or charges payable to the Auctioneer however, there are other costs to consider such as:

Stamp Duty Land Tax (SDLT) is applicable if you buy a property or land over a certain price in England, Wales or Northern Ireland. Please click here for more information.