67 Bishop Street, Alfreton, Derbyshire, DE55 7EF

Description

Two-bedroom semi-detached property requiring full refurbishment, benefiting from a generous rear garden, countryside views and excellent potential to add value. The property requires a comprehensive programme of refurbishment and modernisation throughout.

Accommodation

Approximately 844 sq. ft. (78.4 sq. m.) of internal accommodation. Ground floor: entrance hallway, spacious living room with bay window overlooking the front, separate dining area and kitchen providing access to the rear. First floor: two bedrooms and a family bathroom.

Location

Situated in an established residential location in Alfreton, conveniently positioned for access to Alfreton town centre, shops, supermarkets, schools and local amenities. Alfreton has access to the A38 and M1 motorway network, with connections towards Derby, Nottingham, Mansfield and surrounding areas. The rear garden has an outlook over open countryside.

Tenure / Property Information

Investment Analysis

Five HM Land Registry completed sales on the same street, all semi-detached freehold properties, range from £158,000 to £190,000. The average is £171,600, used as the base GDV. However, the comparables' condition, accommodation and specification are not provided, while this property requires comprehensive refurbishment, so the GDV remains indicative only.

Investment Snapshot

Strategy Recommendation

Proceed only subject to a detailed refurbishment survey, contractor quotations and confirmation of all auction costs. The low guide-to-comparable spread is potentially attractive, but the unknown full-refurbishment cost prevents a firm bid or strategy decision.

Works Required

Comprehensive refurbishment and modernisation throughout, as stated in the description. The evidence does not specify individual defects, systems, finishes or a quantified works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative base GDV of £171,600, 75% refinancing would be £128,700. The strategy cannot be fully underwritten because the comprehensive refurbishment cost, total acquisition costs and finance costs are unknown. The £3,600 including VAT admin charge is known, but additional fees may apply.

Buy-to-Let Analysis

The only rental evidence is a £925 pcm advertised asking rent for a two-bedroom property in DE55; this is not an achieved rent. At the £40,000 guide, the indicative gross yield is 27.75%, before refurbishment, the £3,600 admin charge, other possible auction costs, finance, management, maintenance, voids and tax. A yield on total project cost cannot be established because refurbishment costs and other applicable fees are not supplied.

Flip Analysis

The guide price is materially below the £158,000–£190,000 same-street completed-sales range, but the property requires full refurbishment. A reliable flip surplus cannot be calculated without a quantified works budget, total purchase costs and a supported selling-cost allowance.

Investor Risks & Due Diligence

• Comprehensive refurbishment is required, but no quantified works budget is supplied.

• The comparable sales do not include condition, specification or accommodation details, limiting GDV certainty.

• The £925 pcm figure is an advertised asking rent rather than achieved rent.

• The £3,600 admin charge is known, but additional buyer, legal, search, transfer and seller-cost reimbursement charges may apply.

• EPC, council tax, parking, heating and occupancy information are not provided.

• A maximum bid and project-level yields cannot be established without refurbishment and total-cost evidence.

Recommendation

Proceed only subject to a detailed refurbishment survey, contractor quotations and confirmation of all auction costs. The low guide-to-comparable spread is potentially attractive, but the unknown full-refurbishment cost prevents a firm bid or strategy decision.

Strategy Rating

Analysis Confidence

The analysis has five directly relevant completed sales, one advertised rental and a stated guide price, but lacks property-specific condition detail, refurbishment costs, EPC, council tax, parking, heating, occupancy and full auction fee information.