22 Feltwell Road, Southery, Downham Market, Norfolk

Description

A three bedroom semi-detached Airey house for cash buyers only. This semi-detached house requires some modernisation and would appeal to cash buyers only.

Accommodation

Ground floor: lounge, kitchen, dining room, utility and WC. First floor: three bedrooms and a bathroom.

Location

Located in the village of Southery, near to Downham Market, close to shops, supermarkets, restaurants, pubs and schools. There is access to the A10 and mainline railway stations can be found at both Downham Market and Littleport.

Tenure / Property Information

Investment Analysis

Same-street completed sales were £180,000 in 2019 and £200,000 in 2022. A base GDV of £190,000 is used as an indicative estimate only; the property’s Airey construction, modernisation requirement and EPC F create valuation uncertainty.

Investment Snapshot

Strategy Recommendation

Do not bid without reviewing the legal pack, confirming the Airey construction implications and obtaining a detailed refurbishment budget. The low guide price is attractive against historic same-street sales, but evidence is insufficient to set a safe maximum bid.

Works Required

Modernisation is required, but no detailed condition or specification is supplied. Obtain specialist assessment and quotations, particularly given the Airey construction and cash-buyers-only restriction.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £190,000 base GDV, 75% refinance is approximately £142,500. Total project cost and cash left in cannot be calculated because refurbishment costs and any disbursements are unknown.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is provided. Modernisation, EPC F and the cash-buyers-only restriction require further investigation.

Flip Analysis

The guide price plus stated buyer premium and admin charge is £53,000 before works and other possible disbursements. A reliable flip surplus cannot be calculated without a priced scope of works and selling-cost allowance.

Investor Risks & Due Diligence

• Airey construction may affect mortgageability, resale and insurance.

• Cash buyers only restriction limits funding and exit options.

• EPC F indicates poor energy performance.

• Refurbishment scope and costs are unspecified.

• Additional legal-pack disbursements and seller costs may be payable.

Recommendation

Do not bid without reviewing the legal pack, confirming the Airey construction implications and obtaining a detailed refurbishment budget. The low guide price is attractive against historic same-street sales, but evidence is insufficient to set a safe maximum bid.

Strategy Rating

Analysis Confidence

There are two relevant same-street completed sales, but they are historic and no condition-adjusted valuation, rental evidence, refurbishment budget or full fee schedule is supplied.