41 Mill Hill, Bradenham, Thetford, Norfolk, IP25 7QW

Description

Older style 2 bedroom semi detached bungalow that has been let out for many years but is now sold vacant. The property benefits from sealed unit double glazing and oil fired central heating but further updating and modernising is now required throughout. Outside there is off road parking to the front with good sized garden to the rear.

Accommodation

2 bedroom semi-detached bungalow

Location

Bradenham is a small mid-Norfolk village located within the triangle of Swaffham, Watton and Dereham, all of which are well served market towns with many amenities and facilities.

Tenure / Property Information

Investment Analysis

The five completed sales on Mill Hill range from £150,000 to £252,000, with a median of £205,000. A provisional base GDV of £205,000 is used, with a low/high evidence range of £150,000–£252,000. This is only an indicative comparable-sales range because the subject’s floor area, exact condition, tenure and the comparables’ specifications are not supplied. The property requires updating and modernising throughout, so the upper end may not be achievable without appropriate works.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a value-led BTL or refurbishment-led resale only if inspection and the Auction Pack support the condition, title and total costs. Do not rely on the headline yield or GDV until a priced works schedule and all auction fees are confirmed.

Works Required

Update and modernise throughout as described. The supplied evidence confirms sealed-unit double glazing, oil-fired central heating, off-road parking and a rear garden, but does not identify individual defects or support a quantified works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £205,000 base GDV, a 75% refinance is £153,750. However, the total acquisition and refurbishment cost cannot be calculated because no supported works allowance is available and other completion fees may apply. The resulting cash left in and equity position are therefore unsupported.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £495 pcm, equivalent to £5,940 annually; it is not an achieved or guaranteed rent. This produces an indicative gross yield of 9.90% against the £60,000 lower guide, or 7.43% against the £80,000 upper guide, before refurbishment, finance, operating costs, vacancy and fees. A whole-project yield cannot be established because refurbishment costs and other completion fees are unknown.

Flip Analysis

The comparable evidence indicates a broad provisional GDV range of £150,000–£252,000, with a £205,000 base case. A flip surplus cannot be calculated because refurbishment costs, selling costs and other completion costs are not supplied. The requirement for updating and modernising throughout creates execution and margin risk.

Investor Risks & Due Diligence

• The property is vacant and requires updating and modernising throughout.

• No quantified refurbishment budget is available, preventing a reliable total project cost or maximum bid calculation.

• The £495 pcm figure is an advertised asking rent rather than an achieved or passing rent.

• The comparable sales vary materially from £150,000 to £252,000 and the subject’s floor area and exact specification are not supplied.

• Other fees may be payable on completion under the Special Conditions of Sale and are currently unknown.

• The stated 10% deposit, subject to a £5,000 minimum, creates an immediate auction funding requirement.

Recommendation

Potentially suitable for a value-led BTL or refurbishment-led resale only if inspection and the Auction Pack support the condition, title and total costs. Do not rely on the headline yield or GDV until a priced works schedule and all auction fees are confirmed.

Strategy Rating

Analysis Confidence

There are five relevant completed sales, one advertised rental and a stated condition description, but no floor area, EPC, tenure, detailed condition report, refurbishment budget, buyer premium or full completion-cost schedule.