7 St. Marys Road, Stalham, Norwich, Norfolk, NR12 9DU

Description

Older style three bedroom semi detached property has been let out for many years but is now sold vacant. The property benefits from electric heating and sealed unit double glazing; however, further updating, modernising and potential repair is now required. The sellers have instructed and targeted report that can be found within the legal pack and advise interested parties to download and read this document. Outside there is garden to the front providing off road parking and garden to the rear with various outbuildings, all of which require attention.

Location

Stalham is a popular market town in North East Norfolk, a short drive away from the coast and broads, all of which boast excellent amenities.

Tenure / Property Information

Investment Analysis

The five supplied same-road semi-detached sales range from £220,000 to £370,000, with the most recent three at £220,000, £275,000 and £330,000. As bedroom count, size, condition and specification are not supplied for the comparables, an indicative HB GDV range of £220,000–£330,000 is used, with £275,000 as the base case. The £370,000 sale is treated as an upper outlier rather than relied upon. The property requires updating, modernising and potential repair, but the targeted report and full scope are unavailable.

Investment Snapshot

Strategy Recommendation

Proceed only subject to reviewing the targeted report, confirming the full legal-pack fees and obtaining a detailed works budget. Treat the apparent rental yield as unverified. Do not bid on the basis of the upper GDV or rent evidence alone.

Works Required

Review the sellers’ targeted report before bidding. Allow for the updating, modernising and potential repairs identified in that report, together with attention to the rear outbuildings. No specific works, quantities 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

At the £110,000 guide midpoint, the known £1,500 administration charge would be payable, but refurbishment costs and other completion fees are unknown. A 75% refinance against the £275,000 base GDV equates to £206,250. Cash left in cannot be calculated until the targeted report, works budget and all applicable fees are known. The strategy may work only if the condition does not require substantial expenditure and the GDV is validated.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £2,537 pcm for a property to rent on St Marys Road; it is not confirmed as the subject property and is not an achieved rent. If applicable, this implies £30,444 annual rent and a gross yield of approximately 25.4%–30.4% against the £100,000–£120,000 guide, or 27.7% at the £110,000 midpoint. This should not be relied upon without confirming the rent, property match and achievable demand. No EPC, council tax, operating costs or finance costs are supplied.

Flip Analysis

The supplied comparables support an indicative base GDV of £275,000, but the subject’s condition requires updating and potential repair. A flip surplus cannot be calculated because no supported refurbishment allowance, selling costs or complete purchase cost are available. The £370,000 comparable should not be assumed achievable.

Investor Risks & Due Diligence

• Further updating, modernising and potential repair are required, with no quantified scope or cost supplied.

• The rear outbuildings require attention, but their condition and repair requirements are unknown.

• The £2,537 pcm figure is an advertised asking rent and is not confirmed as the subject property or an achieved rent.

• The targeted report is referenced but has not been supplied for review.

• Buyer premium and other completion fees are not stated; only the £1,500 administration charge is quantified.

• The comparable sales vary materially from £220,000 to £370,000 and their size, bedroom count and condition are not supplied.

• Electric heating may affect tenant demand and running costs, but no EPC or energy-cost evidence is provided.

Recommendation

Proceed only subject to reviewing the targeted report, confirming the full legal-pack fees and obtaining a detailed works budget. Treat the apparent rental yield as unverified. Do not bid on the basis of the upper GDV or rent evidence alone.

Strategy Rating

Analysis Confidence

There are several same-road completed sales and a rental asking figure, but comparable property details, the targeted report, accommodation measurements, EPC, achievable rent, refurbishment costs and full fees are unavailable.