147 Aylsham Road, Norwich, Norfolk

Description

This two bedroom mid terrace house has been empty for some time and is to be sold with vacant possession. The property extends to around 52 sq/m and benefits from a front and rear garden. The property is in need of improvement to realise its full potential, and would suit a cash buyer builder / investor. First time to market in over 25 years.

Accommodation

Ground Floor: Lounge, kitchen, rear lobby, shower room. First Floor: Two bedrooms. Outside: Front and rear garden in need of attention.

Location

Conveniently located around a mile north of the city centre.

Tenure / Property Information

Investment Analysis

The only directly relevant evidence is from nearby terraced freehold sales at 149 Aylsham Road: £155,000 and £178,500 in 2021. These are different properties and do not establish the subject's current value, particularly as the subject has been empty and needs improvement. A provisional HB range of £155,000–£178,500 is used, with a midpoint base GDV of £166,750. Rental evidence is advertised asking rent only and is not fully location-specific.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, inspecting the condition and obtaining a detailed refurbishment quotation. The property may suit a cash-led refurbishment or BRRR strategy, but the evidence is insufficient to justify a maximum bid or confirm a flip margin.

Works Required

Improvement works are required to realise the property's potential, but no detailed schedule or cost evidence is supplied. The front and rear gardens are specifically described as needing attention. The kitchen, shower room, decoration, flooring and general condition require inspection before budgeting; no specific defects should be assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The property is vacant and requires improvement, which may suit a BRRR approach, but no refurbishment cost, post-works valuation evidence or finance costs are supplied. At a base GDV of £166,750, 75% refinance is £125,062.50 before finance, tax and transaction costs. Cash left in cannot be calculated reliably without the works budget and total acquisition costs.

Buy-to-Let Analysis

Advertised two-bedroom rents range from £880 to £1,300 pcm, but the evidence is asking-rent data and is not consistently specific to Norwich. Indicative gross rent would therefore be £10,560–£15,600 annually, producing approximately 6.33%–9.36% gross yield against the base GDV. A reliable net yield or acquisition yield cannot be established without a confirmed rent, refurbishment budget and full costs.

Flip Analysis

A provisional resale value range of £155,000–£178,500 is derived from two 2021 sales of a different nearby property. The flip surplus cannot be calculated because refurbishment costs, selling costs and a confirmed current resale value are unavailable. The long vacancy and need for improvement create execution and valuation uncertainty.

Investor Risks & Due Diligence

• The property has been empty for some time and is described as needing improvement, but the extent and cost of works are unknown.

• The front and rear gardens need attention.

• Comparable sales relate to 149 Aylsham Road rather than the subject and completed in 2021.

• Rental figures are advertised asking rents, not achieved or passing rents, and some evidence is not specifically Norwich-based.

• Buyer premium and admin charge total £2,160, with possible additional legal-pack disbursements, search fees, seller-cost reimbursement, legal fees and transfer fees.

• No parking, heating or detailed condition information is supplied.

• A reliable maximum bid, total project cost and flip surplus cannot be established from the evidence.

Recommendation

Proceed only after reviewing the legal pack, inspecting the condition and obtaining a detailed refurbishment quotation. The property may suit a cash-led refurbishment or BRRR strategy, but the evidence is insufficient to justify a maximum bid or confirm a flip margin.

Strategy Rating

Analysis Confidence

There are two relevant nearby sold comparables and indicative rental listings, but the comparables are different properties and dated, the rental evidence is asking rent only, and no refurbishment or full-cost information is provided.