1 Cheapside, Waltham, Lincolnshire DN37 0LN

Description

A traditionally built semi-detached property, currently configured as two self-contained flats, but which could be converted back into a 3 bedroom semi-detached house subject to the necessary planning consents. The flats benefit from a central heating system and are well appointed and ready to let condition throughout.

Accommodation

Ground Floor Flat: Entrance Hallway, Lounge, Kitchen, Bathroom, Bedroom 1, Bedroom 2, Cellar. First Floor Flat: Lounge, Kitchen, Bedroom, Bathroom. Outside: Front and rear gardens.

Location

The property is well positioned on Cheapside, Waltham, a popular and sought-after area of this North East Lincolnshire village, well served by a wide range of facilities and amenities. Grimsby and Cleethorpes are within easy reach, along with access to the Lincolnshire Wolds and East Coast.

Tenure / Property Information

Investment Analysis

Same-road sold evidence ranges from £70,000 in 2019 to £155,000 in 2017, with limited detail and dated transactions. A broad evidence-based base GDV of £112,500 is used, with £70,000 low and £155,000 high scenarios; confidence is limited.

Investment Snapshot

Strategy Recommendation

Investigate as a potential two-flat BTL, subject to legal-pack, planning, rent and lender checks. Do not bid on a refurbishment or flip assumption without verified costs and valuation.

Works Required

No specific defects or refurbishment works are evidenced. The property is described as ready-to-let. Conversion from two flats back to a house would require the necessary planning consents, with no conversion-cost evidence supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the base GDV, 75% refinancing equates to £84,375. Cash left in cannot be calculated because no refurbishment allowance or complete project-cost figure is supported. Refinance assumptions and the two-flat configuration require lender, legal and planning confirmation.

Buy-to-Let Analysis

The auctioneer estimates rent of up to £14,000 annually, equivalent to up to £1,166.67 pcm. This implies an upper-bound gross yield of 17.5% against the £80,000 guide, but no lower rent evidence, achieved rent or operating costs are supplied. The two-flat configuration may support letting as currently arranged, subject to legal and practical verification.

Flip Analysis

A resale case is potentially supported by the broad £70,000–£155,000 same-road evidence range, but no works allowance, selling costs or reliable current valuation is supplied. Flip surplus therefore cannot be calculated reliably.

Investor Risks & Due Diligence

• Dated and widely divergent same-road comparable sales create significant GDV uncertainty.

• Conversion between two flats and a single house is subject to necessary planning consents.

• The £14,000 rent figure is an upper estimate rather than achieved passing rent.

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

• No refurbishment, conversion or selling-cost evidence is supplied.

Recommendation

Investigate as a potential two-flat BTL, subject to legal-pack, planning, rent and lender checks. Do not bid on a refurbishment or flip assumption without verified costs and valuation.

Strategy Rating

Analysis Confidence

Property description and tenure are clear, but comparable sales are dated and inconsistent; rent is only an auctioneer estimate, while works, planning status, disbursements and current valuation remain unverified.