60 Nottingham Way, Great Yarmouth, Norfolk

Description

Residential investment comprising a four bedroom three storey house let producing £9,600 pa. This four bedroom three storey end terrace house extends to around 120 sq/m and is in good decorative order internally with modern kitchen and bathroom. It is let on an assured shorthold tenancy at £800 pcm (£9,600 pa). The property is located near the town centre close to a comprehensive range of services and amenities. This would suit a cash buyer due the single skin rear extension and side external work required which may make it difficult to obtain a standard mortgage.

Accommodation

Ground floor: Porch, lounge, dining room, utility, kitchen, WC. First floor: Landing, two bedrooms, bathroom. Second floor: Landing, two bedrooms. Outside: Rear enclosed garden.

Location

Located near the town centre, close to a comprehensive range of services and amenities.

Tenure / Property Information

Investment Analysis

The latest supplied completed sale for the same property was £124,000 in March 2021; an earlier sale was £100,000 in October 2018. A supported indicative GDV range is therefore £100,000–£124,000, though no current comparable evidence is supplied.

Investment Snapshot

Strategy Recommendation

Consider as a cash-led or specialist-finance BTL only after legal, structural and mortgageability review. Avoid bidding above a level justified after obtaining costs for the external works.

Works Required

Investigate and address the single-skin rear extension and required side external work. Internal condition is described as good, with a modern kitchen and bathroom; no further works are assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a £124,000 base GDV, 75% refinancing indicates £93,000. Works costs and total acquisition costs are not sufficiently evidenced, so cash left in and true BRRR returns cannot be established. Specialist or cash funding may be required initially.

Buy-to-Let Analysis

Passing rent is £800 pcm (£9,600 pa). Gross yield is approximately 12.0% at the £80,000 lower guide and 9.6% at £100,000, before fees, finance, management, maintenance and voids. Standard mortgage availability may be restricted by the single-skin extension and side external work.

Flip Analysis

The latest supported sale is £124,000. A flip surplus cannot be calculated because refurbishment costs, acquisition costs beyond stated charges, selling costs and a current resale value are insufficiently evidenced.

Investor Risks & Due Diligence

• Single-skin rear extension and side external work may restrict standard mortgage lending.

• Refurbishment and structural costs are unspecified.

• Legal-pack disbursements and other completion costs are not quantified.

• The £800 pcm rent is a passing rent, with no external rental comparables supplied.

• Current valuation evidence is limited to completed sales through March 2021.

Recommendation

Consider as a cash-led or specialist-finance BTL only after legal, structural and mortgageability review. Avoid bidding above a level justified after obtaining costs for the external works.

Strategy Rating

Analysis Confidence

Current tenancy, rent, description, stated auction charges and same-property sales are supplied, but refurbishment costs, current market comparables, selling costs and legal-pack disbursements are unavailable.