1 Lady Mary Road, Norwich, Norfolk

Description

Freehold purpose built ground floor two bedroom flat with garden, garage and off road parking. The property extends to around 73 sq/m, has a generous front and side garden, a garage with blue door almost opposite and off road parking on a separate title. It is in good decorative order and is to be sold with vacant possession. On instruction of executors.

Accommodation

Entrance hall, WC, lounge, kitchen, two bedrooms and shower room.

Location

Located around a mile south of Norwich city centre within easy reach of a comprehensive range of services and amenities.

Tenure / Property Information

Investment Analysis

The only supplied sale for 1 Lady Mary Road is £138,000 in February 2011, with other nearby recorded sales from 2001–2006. These are too dated to support a current GDV. The £160,000–£180,000 auction guide is not a formal market valuation. The property’s freehold tenure, 73 sq m accommodation, garden, garage and parking are positive features, but current comparable evidence is insufficient.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let subject to a flat-specific rent appraisal, satisfactory legal-pack review and confirmation that the total auction cost remains acceptable. Do not rely on the dated comparable or house rental listings as definitive valuation evidence.

Works Required

No specific refurbishment works are evidenced. The property is described as being in good decorative order. A physical inspection should confirm the condition of the kitchen, shower room, services, windows, garage, garden and parking areas, but no cost allowance is supported by the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because no current GDV, refurbishment budget or refinance valuation is supported. The known £1,200 administration charge and unspecified buyer premium/disbursements would also increase the cash requirement. Refinance at 75% of GDV cannot be calculated.

Buy-to-Let Analysis

The supplied rental evidence is £1,002–£1,082 pcm advertised asking rent for two-bedroom houses in NR1, not achieved rent for this flat. Using the midpoint guide of £170,000 and the midpoint rental proxy of £1,042 pcm produces an indicative gross yield of approximately 7.36% before the £1,200 administration charge, unknown buyer premium, other disbursements, finance, maintenance, management, voids and tax. A flat-specific rental appraisal is required.

Flip Analysis

A flip surplus cannot be calculated because there is no current GDV, supported refurbishment budget or supported selling-cost allowance. The dated 2011 comparable does not establish a current resale value, and the property is already described as being in good decorative order.

Investor Risks & Due Diligence

• Current market value cannot be established from the supplied dated sales evidence.

• Rental evidence relates to advertised asking rents for two-bedroom houses rather than achieved rents for this flat.

• Buyer premium and potential legal-pack disbursements are unspecified.

• Garage and off-road parking are on separate title information and require legal verification.

• Auction purchase creates commitment at exchange, subject to legal-pack review.

• No refurbishment budget or current condition survey is supplied.

Recommendation

Potential buy-to-let subject to a flat-specific rent appraisal, satisfactory legal-pack review and confirmation that the total auction cost remains acceptable. Do not rely on the dated comparable or house rental listings as definitive valuation evidence.

Strategy Rating

Analysis Confidence

The description, tenure, occupancy, guide, known administration charge and some rental evidence are supplied, but current sold comparables, flat-specific achieved rent, refurbishment costs, buyer premium, disbursements and GDV evidence are missing.