4 Second Avenue, Caister-On-Sea, Great Yarmouth, Norfolk NR30 5NN

Description

This two bedroom detached bungalow in need of remedial work in the desirable coastal resort of Caister-on-Sea. A two bedroom detached bungalow occupying a convenient position in the popular coastal village of Caister-on-Sea, close to a regular bus service and local village shop. The property requires remedial works, repair and general improvement and offers an excellent opportunity for local developers, investors or purchasers seeking a project.

Accommodation

Entrance area, living room, kitchen, two bedrooms and shower room. Also described as living room, kitchen, two double bedrooms and shower room.

Location

Popular coastal village of Caister-on-Sea, close to a regular bus service and local village shop.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Second Avenue range from £165,500 to £273,000 for detached freehold properties. The closest lower evidence is £171,000 at No. 3 and £200,000 at No. 11, while £243,000 and £273,000 provide stronger upper-market evidence. As the subject is a two-bedroom bungalow requiring remedial work and the comparable accommodation and condition are not supplied, a cautious scenario range of £171,000–£243,000 is used, with £200,000 as the base GDV estimate. This is an evidence-led estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only as a subject-to-survey project after reviewing the legal pack and obtaining a quantified works schedule. Do not rely on the apparent GDV margin or pursue based on BTL yield until rent and total project costs are verified.

Works Required

Remedial repairs, general improvement and repair works identified by the auction description. The available evidence does not specify individual defects, scope, specification or cost, so a survey and contractor quotations are required before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £140,000 lower guide, the stated buyer premium and administration charge add £1,800 before any disbursements, finance, tax or works. A 75% refinance of the £200,000 base GDV is £150,000, but cash left in cannot be calculated because the remedial works and other acquisition costs are unknown. The strategy depends on confirming the post-works value and a fully costed refurbishment.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property has two bedrooms and an EPC rating of D, but rent, operating costs and refurbishment costs remain unquantified.

Flip Analysis

The base GDV is estimated at £200,000 from the supplied local completed sales. A flip surplus cannot be calculated because refurbishment costs and a supported selling allowance are not supplied. The guide range, fees, unknown remedial scope and potential legal-pack disbursements materially affect viability.

Investor Risks & Due Diligence

• Unknown scope and cost of the stated remedial, repair and general improvement works.

• Comparable sale accommodation, bedroom counts and condition are not supplied, limiting GDV precision.

• No sufficiently specific rental evidence is available, so BTL yield cannot be assessed.

• Auction buyer and administration charges apply, with possible additional legal-pack disbursements and other charges.

• The property’s occupancy status and heating details are not supplied.

• A 75% refinance assumption may not be achievable and depends on lender valuation, affordability and property condition.

Recommendation

Proceed only as a subject-to-survey project after reviewing the legal pack and obtaining a quantified works schedule. Do not rely on the apparent GDV margin or pursue based on BTL yield until rent and total project costs are verified.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and clear tenure/type evidence, but comparable accommodation and condition are not supplied, while rent, refurbishment costs, heating details, occupancy and potential disbursements remain unknown.