50 Lee Warner Avenue, Fakenham, Norfolk, NR21 8ER

Description

Older style three bedroom semi-detached house that has been let out for many years and is now sold vacant. The property benefits from sealed unit double glazing and gas fired central heating, however further updating, modernising and repair is now required. The sellers' Flagship have instructed a targeted report on the property which can be found in the legal pack and from the selling agents, which interested parties are advised to understand and read before bidding. Outside there are gardens to the front and back.

Accommodation

Three bedroom semi-detached house with front and rear gardens.

Location

Fakenham is a popular mid-Norfolk town which boasts many amenities and facilities.

Tenure / Property Information

Investment Analysis

Same-street sold comparables range from £149,000 to £171,500, with an average of £162,100. These sales completed between 2013 and 2017 and are not adjusted for market movement, condition or specification. The property requires updating, modernising and repair, but the targeted report and detailed scope are unavailable, so the GDV is indicative only.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the targeted report, legal pack and obtaining a detailed refurbishment quotation. The guide-to-GDV spread and indicative asking-rent yield are potentially attractive, but the missing works and fee information prevents a reliable maximum bid or project return calculation.

Works Required

Further updating, modernising and repair as identified by the sellers’ targeted report. The report should be reviewed before bidding and no specific works or costs can be confirmed from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance against the indicative £162,100 base GDV would be approximately £121,575. However, refurbishment costs, total acquisition costs, tenure and other completion charges are not supplied, so required equity and cash left in cannot be calculated reliably.

Buy-to-Let Analysis

Advertised asking rents for comparable three-bedroom houses are £1,080–£1,150 pcm. Using the midpoint rent of £1,115 pcm and the £90,000 guide midpoint produces an indicative gross yield of 14.87%. Achieved rent, operating costs, finance costs, refurbishment costs and completion fees are unavailable, so net returns and total-cost yield cannot be established.

Flip Analysis

The indicative base GDV is £162,100, supported by the supplied same-street sold comparables. A flip surplus cannot be calculated because refurbishment costs, total acquisition costs and selling costs are unavailable.

Investor Risks & Due Diligence

• Targeted property report and legal-pack information must be reviewed before bidding.

• The property requires updating, modernising and repair, but the extent and cost are unknown.

• The supplied rental evidence comprises advertised asking rents rather than achieved rents.

• Other fees may be payable on completion and are not supplied.

• Tenure, lease details, EPC and council tax information are not supplied.

• Historic comparables may not reflect current market value or the subject property's condition.

Recommendation

Proceed only after reviewing the targeted report, legal pack and obtaining a detailed refurbishment quotation. The guide-to-GDV spread and indicative asking-rent yield are potentially attractive, but the missing works and fee information prevents a reliable maximum bid or project return calculation.

Strategy Rating

Analysis Confidence

Same-street completed sales and local advertised rents are supplied, but the comparable sales are historic and the targeted condition report, refurbishment costs, tenure, EPC, completion fees and achieved rent are unavailable.