Latest Valuation
£85,000
ROCE
23%
Selling Agent
Sourced Warwick

23% ROCE – 2 Bed Semi-Detached Investment Opportunity

The property consists of 2 large bedrooms that are offered for sale with no upward chain.
Guide Price
£77,000

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Key Features

  • 23% ROCE
  • Strong rental area
  • No upward chain

The Property

This is a fantastic semi-detatced property located in Somercotes, with a huge ROCE of 23%.

Also, this property needs a full refurbishment to modernise it to rent out on the open market. Once renovated, this property would achieve a GDV of around £115,000.

We are looking for a serious investor to purchase this property as the offer has already been accepted and secured. This would be a great property to work as a BTL making a good 23% ROCE.

Lastly, the property could have a stud wall added to convert this to a 3 bedroom property which could uplift the GDV however building costs would need to be factored into this.

Planning Information

N/A

The Plan

Sourced are proud to present this 2 bedroom semi-detached house located in Somercotes. Offered for sale with no upward chain, the property has a shared drive way, a rear garden, 2 large spacious bedrooms and is a popular rental area.

Once renovated, properties in the surrounding area are achieving approximately £550 pcm.

The plan is to purchase this 2 bed house and to fully refurbish this property to rent on the open market for a 23% ROCE.

The Financials:

Purchase price: £77,000
Current value: £85,000
GDV: £115,000
Refurb cost: £20,000
Sourcing fee: £4,000
Rental income: £3,547.50 pa
Total cash investment: £43,850

The Location

This investment opportunity is in a very popular area of Somercotes.

This area has a number of shops, businesses, pubs and parks nearby.

It is also close to the M1, A6 and Alfreton Train Station just 1 mile away.

Average estimated value for a house in

£

Zoopla stats: https://www.zoopla.co.uk/market/somercotes/?q=Somercotes%2C%20Derbyshire