14 Market Lane, Crimplesham, King's Lynn, Norfolk

Description

A three bedroom semi-detached house in the sought after village of Crimplesham for cash buyers only. This semi-detached house located in a sought after village requires modernisation and possible remedial work. The property benefits from field views to rear and briefly comprises lounge/dining room, kitchen and wc on the ground floor. To the first floor there are three bedrooms and a bathroom. Outside there is off road parking to front and a good sized garden to rear.

Accommodation

Ground floor: lounge/dining room, kitchen and wc. First floor: three bedrooms and a bathroom. Outside: off road parking to front and a good sized garden to rear.

Location

Crimplesham is a village within easy reach of Downham Market, which offers a range of amenities, shops and cafés, along with a mainline rail service to London King’s Cross via Ely and Cambridge. The property benefits from field views to rear.

Tenure / Property Information

Investment Analysis

The supplied completed sales are semi-detached freehold properties on Market Lane, ranging from £102,000 to £240,000 between 2007 and 2020. The latest supplied comparable, No. 13 Market Lane, sold for £240,000 in December 2020. This supports a provisional £240,000 base GDV, but the evidence is dated, relates to neighbouring properties rather than No. 14, and is not condition-adjusted. A lower evidenced reference point is £173,000 from 2007. No reliable current valuation can be established without a survey and more comparable evidence. The guide plus stated buyer premium and admin charge is £73,000, excluding any legal-pack disbursements.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack and obtaining a full survey with a priced refurbishment schedule. The opportunity is potentially more suited to a cash-funded refurbishment and resale than BTL, but the evidence is insufficient to justify a bid beyond the stated guide on investment grounds.

Works Required

Modernisation of the house and investigation of the possible remedial work referred to by the auctioneer. The supplied evidence does not identify specific defects, systems requiring replacement, or a reliable works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A provisional 75% refinance of the £240,000 base GDV would be £180,000. However, the cash-buyers-only restriction, unknown refurbishment cost, possible remedial work, and unquantified legal-pack disbursements prevent a reliable BRRR cash-left-in or return calculation.

Buy-to-Let Analysis

BTL analysis cannot be completed reliably because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property also requires modernisation and is offered to cash buyers only, so both the achievable rent and total investment cost remain uncertain.

Flip Analysis

The latest neighbouring semi-detached sale provides a provisional £240,000 resale reference, with £173,000 as an older lower reference. A flip surplus cannot be calculated because refurbishment costs, selling costs and current condition-adjusted GDV are unsupported.

Investor Risks & Due Diligence

• Cash buyers only, restricting conventional finance at purchase.

• The property requires modernisation and may need remedial work, but the nature and cost are unknown.

• No sufficiently specific rental evidence is available.

• The GDV evidence is dated and relates to neighbouring properties rather than the subject property.

• Legal-pack disbursements and other purchaser costs may be payable but are not quantified.

• The current condition may materially affect resale value relative to the supplied comparables.

Recommendation

Proceed only after reviewing the legal pack and obtaining a full survey with a priced refurbishment schedule. The opportunity is potentially more suited to a cash-funded refurbishment and resale than BTL, but the evidence is insufficient to justify a bid beyond the stated guide on investment grounds.

Strategy Rating

Analysis Confidence

There are several same-street completed-sale comparables and known auction charges, but they are dated or neighbouring properties. No rental evidence, condition-specific works budget, current valuation, selling costs or complete legal-pack costs are supplied.