26 Richmond Rise, Reepham, Norwich, Norfolk

Description

Three bedroom detached chalet bungalow with garage and off road parking. This three bedroom detached chalet bungalow extends to around 90 sq/m. It has double glazing, oil fired central heating, garage, off road parking and occupies a good size 0.14 acre plot. It has been in the same ownership for 25 years and is now to be sold with vacant possession. It requires improvement to realise its full potential.

Accommodation

Ground floor: Porch, lounge, kitchen / diner, conservatory, bathroom, bedroom. First floor: Two bedrooms. Outside: Front and rear garden in need of attention, greenhouse, off road parking, detached garage.

Location

The property is located on a cul de sac less than a mile north east of the town centre near a comprehensive range of services and amenities.

Tenure / Property Information

Investment Analysis

The three detached Richmond Rise comparables sold for £252,000–£288,000 between April 2023 and March 2026. The subject is also detached but requires improvement, so its condition may place it below the strongest comparable evidence. A provisional HB scenario range of £252,000–£288,000 is supported by the supplied same-street detached sales, with £270,000 used as a central estimate. The comparables are not confirmed as identical in size, condition or accommodation, so this is not a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential value-add resale or owner-occupation opportunity, subject to a full inspection, legal-pack review and firm refurbishment quotations. Do not rely on a BTL or BRRR strategy until rent and project costs are evidenced.

Works Required

Improvement works are required to realise the property’s potential, but the evidence does not specify the internal scope or costs. The front and rear gardens require attention. A full inspection and contractor quotations are required before bidding; no unsupported defects or works are assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the central GDV estimate of £270,000, a notional 75% refinance is £202,500. However, total project cost cannot be calculated because refurbishment costs, any additional purchase-related disbursements and finance costs are not supplied. Cash left in and refinance viability therefore cannot be established.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate was supplied. The guide range is £190,000–£210,000 plus the stated £2,160 buyer premium and administration charge, with possible additional legal-pack disbursements. Refurbishment costs and operating costs are also unknown.

Flip Analysis

The supplied same-street detached sales support a provisional GDV range of £252,000–£288,000, with £270,000 as the central estimate. A flip surplus cannot be calculated because refurbishment costs, finance costs, purchase price achieved and selling costs are unknown. The property is described as requiring improvement, which creates execution and margin risk.

Investor Risks & Due Diligence

• The property requires improvement, but the extent and cost of works are unspecified.

• The front and rear gardens are stated to be in need of attention.

• No sufficiently specific rental evidence was supplied, preventing yield assessment.

• Additional legal-pack disbursements or seller-related charges may apply.

• The comparable sales differ in type and may differ in size, condition and specification.

• Oil-fired central heating may create maintenance or replacement considerations, but no condition evidence is supplied.

Recommendation

Potential value-add resale or owner-occupation opportunity, subject to a full inspection, legal-pack review and firm refurbishment quotations. Do not rely on a BTL or BRRR strategy until rent and project costs are evidenced.

Strategy Rating

Analysis Confidence

There is useful same-street completed-sale evidence and a clear property description, but the comparable properties are not confirmed as identical, while refurbishment costs, rent, selling costs, finance costs and legal-pack disbursements are unavailable.