12 & 12A George Street, Mansfield, NG19 6SA

Description

An end-terraced property currently arranged as two self-contained one-bedroom flats, both sold with tenants in situ and providing immediate rental income. Held under one title, the property currently produces a combined rental income of £1,000 PCM / £12,000 per annum. The first-floor flat is currently let at £550 PCM. The ground-floor flat is currently let at £450 PCM and benefits from a separate side entrance and a good-sized rear garden. Edward Mellor has not inspected the property internally; property information and photographs were provided by the vendor.

Accommodation

Two self-contained one-bedroom flats. The first-floor flat has its own front entrance. The ground-floor flat has a separate side entrance and a good-sized rear garden. The ground-floor accommodation offers scope for improvement and enhancement.

Tenure / Property Information

Investment Analysis

The £65,000 starting bid is the only supplied price evidence. No completed sales, formal valuation, capitalisation rate, buyer fees or detailed costings are provided, so GDV, market value scenarios and a maximum bid cannot be supported. The current £1,000 PCM combined passing rent equates to an indicative 18.46% gross yield against the starting bid, before costs, finance, tax and voids.

Investment Snapshot

Strategy Recommendation

Consider income-led holding only if tenancy, legal, condition and compliance checks confirm the stated £1,000 PCM rent. Do not underwrite a refurbishment, BRRR or flip strategy until internal inspection, valuation and full cost information are obtained.

Works Required

Obtain a full internal inspection and assess the ground-floor flat's stated scope for improvement and enhancement. Any works should be specified and priced only after inspection; no quantified refurbishment allowance is supported by the evidence.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be completed because no supported GDV, refurbishment cost, lender valuation or finance terms are provided. The current rent may support an attractive headline purchase yield, but refinance capacity and cash left in cannot be established. Internal inspection, tenancy verification and valuation evidence are required.

Buy-to-Let Analysis

The two flats are tenanted and provide stated combined passing rent of £1,000 PCM (£12,000 per annum), offering immediate income. Against the £65,000 starting bid, the indicative gross yield is 18.46%. This is not a net yield and cannot account for management, maintenance, insurance, compliance, voids, finance, tax or auction costs because those figures are not supplied. The rental listing evidence of £825 PCM for a two-bedroom Mansfield property is not directly comparable to two one-bedroom flats and is not used to change the current rent analysis.

Flip Analysis

A flip appraisal cannot be established. There are no completed sales, GDV evidence, quantified works, selling costs or internal inspection. The property is sold with tenants in situ, while the ground-floor flat is stated to offer scope for improvement; any resale strategy therefore requires detailed due diligence and costing.

Investor Risks & Due Diligence

• The auctioneer has not inspected internally; information and photographs were provided by the vendor.

• The ground-floor flat is stated to offer scope for improvement, but the nature and cost of works are unknown.

• Both flats are sold with tenants in situ, so tenancy terms, payment history and vacant possession prospects require verification.

• The property is held under one title, which may affect financing, resale and management considerations.

• Buyer premiums, administration charges and other auction costs are not supplied.

• No completed comparable sales or formal valuation are provided.

• The stated gross yield is before operating costs, voids, finance, tax and compliance expenditure.

Recommendation

Consider income-led holding only if tenancy, legal, condition and compliance checks confirm the stated £1,000 PCM rent. Do not underwrite a refurbishment, BRRR or flip strategy until internal inspection, valuation and full cost information are obtained.

Strategy Rating

Analysis Confidence

Current rent, guide price, tenure, occupancy and basic accommodation are supplied, but there are no internal inspection findings, completed comparables, GDV, refurbishment costs, auction fees, EPC, finance terms or detailed tenancy information.