182 Mansfield Road, Alfreton, Derbyshire DE55 7JQ

Description

An excellent detached property set on a large corner plot carrying bags of potential to improve and add value. The property comprises of entrance hallway, bedroom, dining room, large rear sitting room, kitchen, utility area, storage rooms and shower room downstairs. Upstairs has a further two double bedrooms, w/c and bathroom. There is also a large loft. The current accommodation is very versatile and could be reconfigured. Externally to the front is a multi car driveway and to the rear a mature garden. Situated with easy access of the towns excellent amenities, The Alfreton Railway Station is opposite and junction 28 of the M1 motorway is close by making this ideal for the national commuter.

Accommodation

Entrance hallway, bedroom, dining room, large rear sitting room, kitchen, utility area, storage rooms and shower room downstairs; two further double bedrooms, WC and bathroom upstairs; large loft.

Location

Situated with easy access of the town's excellent amenities. Alfreton Railway Station is opposite and junction 28 of the M1 motorway is close by.

Tenure / Property Information

Investment Analysis

The strongest supplied evidence is the same-road detached sale at 170 Mansfield Road for £229,000 in February 2023. The other same-road detached evidence is £185,000 at 166 Mansfield Road in December 2019, while the subject's own £175,000 sale was in 2009. A base GDV of £229,000 is therefore used, with £185,000 as a lower evidence point. This is indicative only because condition, specification and tenure are not confirmed. The £85,000 guide is subject to a buyer premium of 1.2% with a £1,500 minimum; at the guide, the minimum premium applies. No refurbishment cost can be supported from the evidence.

Investment Snapshot

Strategy Recommendation

Investigate as a potential value-add BTL/BRRR opportunity, but do not rely on the headline yield or GDV until condition, tenure, legal documents, works and achievable rent are verified. A flip should only be considered after a fully costed scheme.

Works Required

Obtain a full survey and assess the existing versatile accommodation, kitchen, utility and storage areas, bathrooms/WC, loft and external areas. Any reconfiguration, upgrading or loft use should only be specified and costed after confirming condition, permissions and feasibility.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £229,000 base GDV, 75% of GDV is £171,750. The apparent value gap to the £85,000 guide is substantial, but the required refurbishment, reconfiguration feasibility, finance costs, taxes and selling/refinance costs are unknown. BRRR should therefore remain conditional on survey, legal due diligence, confirmed works budget and lender valuation.

Buy-to-Let Analysis

At the £85,000 guide and the single advertised asking rent of £1,199 pcm, annual advertised rent is £14,388 and the gross yield before refurbishment, finance, tax and other costs is approximately 16.9%. A yield on total project cost cannot be established because refurbishment and other acquisition costs are not supplied. The rent is an asking rent, not an achieved or passing rent.

Flip Analysis

A potential resale value is supported by the £229,000 same-road detached comparable sold in 2023, with £185,000 as an older lower evidence point. However, no refurbishment budget, finance costs or supported selling allowance is available, so a reliable flip surplus and maximum bid cannot be calculated.

Investor Risks & Due Diligence

• Tenure, occupancy and lease information are not supplied.

• The property's condition and the cost of any improvement or reconfiguration are unknown.

• The large loft and proposed accommodation changes may not be feasible without further checks and permissions.

• The £1,199 pcm figure is an advertised asking rent rather than achieved or passing rent.

• The GDV evidence consists of different properties and dates, so condition and specification may differ.

• Additional fees may be listed in the Special Conditions of Sale.

• No EPC, council tax or heating information is supplied.

• No reliable maximum bid can be calculated without works and total project costs.

Recommendation

Investigate as a potential value-add BTL/BRRR opportunity, but do not rely on the headline yield or GDV until condition, tenure, legal documents, works and achievable rent are verified. A flip should only be considered after a fully costed scheme.

Strategy Rating

Analysis Confidence

There are useful same-road sales and one advertised rental, but tenure, occupancy, EPC, condition, refurbishment costs, finance costs, council tax, heating and special-condition details are missing.