28 Adelaide Avenue, King's Lynn, Norfolk

Description

A three bedroom semi-detached house situated in a sought after location in a cul-de-sac near Wootton Road. This semi-detached house is in need of some modernisation and is situated in a sought after location near Wootton Road.

Accommodation

Ground floor: entrance hall, lounge, kitchen, conservatory and WC. First floor: three bedrooms and bathroom. Outside: front garden and driveway providing off road parking and access to garage, and a good sized rear garden.

Location

Situated in a sought after location in a cul-de-sac near Wootton Road.

Tenure / Property Information

Investment Analysis

The strongest comparable is 24 Adelaide Avenue, a freehold semi-detached house sold for £200,000 in May 2024. Other same-street sales include £232,000 in June 2021 and older sales between £130,000 and £155,000 in 2013–2014. These comparables do not provide bedroom, size or condition details, so they support only a cautious indicative GDV range. The subject requires modernisation and has an EPC rating of F. The £160,000–£180,000 guide is before the £2,400 buyer premium and admin charge, with possible additional legal-pack disbursements.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, obtaining a survey and pricing the modernisation and EPC-related works. The lower guide may offer potential, but the evidence is insufficient to set a safe maximum bid or confirm a profitable BTL, BRRR or flip strategy.

Works Required

Undertake a full inspection and price the modernisation works identified by the survey. Review the kitchen, bathroom, décor and general presentation as required, and investigate works needed to improve the current EPC F rating. No detailed schedule or cost estimate is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £200,000 indicative base GDV, 75% refinancing would be approximately £150,000. Cash left in cannot be calculated because no refurbishment allowance or complete project cost is supported. The strategy therefore requires a survey, priced works and confirmation of lending and achievable rent before proceeding.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £925 pcm, equivalent to £11,100 annually; it is not an achieved rent. Against the lower £160,000 guide, the gross yield is approximately 6.94% before modernisation, finance, insurance, maintenance, voids and transaction costs. A reliable net yield cannot be established because refurbishment costs and total acquisition cost are unknown.

Flip Analysis

The May 2024 same-street sale at £200,000 provides the main GDV reference, with the £232,000 2021 sale indicating a possible upper evidence point. A flip surplus cannot be calculated because refurbishment costs, selling costs and a detailed condition assessment are unavailable.

Investor Risks & Due Diligence

• Modernisation requirements and costs are not specified.

• The current EPC rating is F and the cost of any required improvement works is unknown.

• The £925 pcm figure is an advertised asking rent rather than achieved rent.

• Buyer premium and admin charges total £2,400, with possible additional legal-pack disbursements and other charges.

• The comparable sales lack detailed size, bedroom and condition information and may not be directly comparable.

• No complete acquisition, finance, holding or resale cost budget is available.

Recommendation

Proceed only after reviewing the legal pack, obtaining a survey and pricing the modernisation and EPC-related works. The lower guide may offer potential, but the evidence is insufficient to set a safe maximum bid or confirm a profitable BTL, BRRR or flip strategy.

Strategy Rating

Analysis Confidence

There is useful same-street sold-price evidence and one advertised rent, but no property size, detailed condition schedule, refurbishment quotation, achieved rent, selling allowance or complete fee schedule.