23 Elms Close, Bungay, Suffolk

Description

An opportunity to acquire a detached bungalow located in the popular village of Earsham, approximately 1 mile southwest of the market town of Bungay. The property offers three bedrooms, open plan kitchen/diner, an extended corner plot with an established enclosed rear garden. The bungalow would benefit from a programme of updating and may offer scope to extend subject to obtaining the necessary planning permission.

Accommodation

Ground Floor: Entrance/conservatory, hallway, kitchen open through to dining area, three bedrooms, shower room. Exterior: Driveway providing off-road parking and access to the garage; a path leads to the main entrance. Access to an enclosed corner plot mainly laid to lawn with mature shrubs and trees.

Location

Located in the popular village of Earsham, approximately 1 mile southwest of Bungay. Bungay offers boutique and high street shops, business and leisure facilities.

Tenure / Property Information

Investment Analysis

The five completed sales are detached freehold properties on Elms Close, ranging from £180,000 to £270,000. The most recent comparable, 29 Elms Close, sold for £243,000 on 20 February 2026. Given this property's stated need for updating, a supported indicative GDV range is £223,000–£270,000, with £243,000 adopted as the base scenario. Exact size, specification and condition differences are not provided, so this is not a formal valuation.

Investment Snapshot

Strategy Recommendation

Consider only subject to inspection, confirmation of the required updating works, review of Special Conditions and a full costed appraisal. The opportunity appears more suitable for a value-led refurbishment or owner-occupier purchase than a quantified BTL or flip at this stage.

Works Required

A programme of general updating is indicated by the description. The evidence does not specify which elements require work, so no detailed scope or cost allowance can be supported. Any extension would be subject to planning permission.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £190,000 guide, the property would be £53,000 below the base GDV before the known £1,800 documentation fee and any works or other completion costs. A 75% refinance of the base GDV indicates £182,250, but cash left in cannot be calculated without supported refurbishment and total project costs.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The £1,800 inclusive-of-VAT contract documentation fee is known, but refurbishment, other seller charges and finance costs are not.

Flip Analysis

The comparable evidence supports a base GDV of £243,000 and a range of £223,000–£270,000. A flip surplus cannot be calculated because refurbishment costs, selling costs and any additional seller fees are not supplied. The £190,000 guide is not a maximum bid indication.

Investor Risks & Due Diligence

• The property is stated to require updating, but the extent and cost of works are unspecified.

• Any extension is subject to obtaining the necessary planning permission.

• No sufficiently specific rental evidence is available, preventing a supported yield assessment.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• The comparable sales vary materially from £180,000 to £270,000, and detailed size and specification comparisons are not provided.

Recommendation

Consider only subject to inspection, confirmation of the required updating works, review of Special Conditions and a full costed appraisal. The opportunity appears more suitable for a value-led refurbishment or owner-occupier purchase than a quantified BTL or flip at this stage.

Strategy Rating

Analysis Confidence

There is good same-street completed-sale evidence and a known guide price, but no internal floor area, detailed condition survey, rental evidence, refurbishment budget or complete fee schedule.