Flat 9, Rutland House, 112 Carrington Street, Derby, Derbyshire, DE1 2NH

Description

A second-floor apartment in a modern block located within easy walking distance of Derby railway station and city centre. The property comprises two bedrooms, an open plan living/kitchen area and bathroom. An EWS1 review has been undertaken and any work has been noted; the legal pack includes the report and fire risk assessment.

Accommodation

Second-floor apartment: open living room/kitchen, two bedrooms and bathroom.

Location

Close to Derby city centre and railway station, within easy walking distance. National and independent shopping, medical facilities and schooling are nearby. The listed market hall renovation and a new music and entertainment venue are within a short distance.

Tenure / Property Information

Investment Analysis

Recent completed sales in the same block range from £135,000 in May 2025 to £170,000 in May 2024, although the evidence does not identify the specific flats, sizes, condition or floor levels. Older sales range from £50,000 to £140,000. A cautious evidence-based scenario range is £135,000–£170,000, with a midpoint estimate of £152,500. The guide price is materially below these recent same-block sales, but EWS1 works, service-charge liability and legal-pack terms require verification.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal-pack, EWS1 and rent verification. The property may suit a cash-flow-led BTL or BRRR assessment at the guide, but the service charge, uncertain works and conflicting rent evidence justify a conservative bid limit.

Works Required

No detailed works scope or cost is supplied. Review the EWS1 report and fire risk assessment, identify any noted works, and complete only legally or conditionally required items confirmed in the legal pack. No refurbishment allowance can be reliably quantified from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the midpoint GDV estimate of £152,500, 75% refinance would be approximately £114,375. The low guide price creates apparent equity, but cash-left-in cannot be calculated because refurbishment costs and any seller completion fees are not supplied. Confirm the legal pack, EWS1 position, service-charge account and lender acceptability before relying on a BRRR strategy.

Buy-to-Let Analysis

At the auctioneer's estimated rent of £950 pcm, gross rent is £11,400 per year and the gross yield on the £55,000 guide is approximately 20.73%, before the £2,207.52 annual service charge, finance, management, voids, repairs and tax. The separate £317 pcm advertised asking-rent evidence implies approximately 6.92% gross yield on the guide. The large rent disparity means achievable rent must be independently verified; net yield cannot be established reliably.

Flip Analysis

The evidence indicates a substantial gross value gap between the £55,000 guide and the £135,000–£170,000 same-block completed sales. However, the comparables are not confirmed as this specific flat, and no works, finance, purchase-tax, selling-cost or seller-fee allowances are available. A reliable flip surplus cannot therefore be calculated.

Investor Risks & Due Diligence

• EWS1 review has identified work, but the scope and cost are not supplied.

• Annual service charge is estimated at £2,207.52 and may materially reduce net yield.

• Rental evidence ranges from £317 pcm advertised asking rent to £950 pcm auctioneer estimate.

• Same-block comparable sales vary materially and are not confirmed as the subject flat.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• The property is leasehold and legal-pack terms, including the stated absence of ground rent, require verification.

Recommendation

Proceed only subject to legal-pack, EWS1 and rent verification. The property may suit a cash-flow-led BTL or BRRR assessment at the guide, but the service charge, uncertain works and conflicting rent evidence justify a conservative bid limit.

Strategy Rating

Analysis Confidence

There are recent same-block completed sales, an auctioneer rent estimate and a rental listing, but the comparables are not flat-specific, the rent evidence conflicts materially, and works, seller fees and detailed legal-pack terms are unavailable.