73 Garden Close, Bungay, Suffolk, NR35 1JE

Description

This ex-local authority three bedroom semi detached house was built in the 1970s and extends to around 80 sq/m. It is double glazed and has gas central heating. The property is situated on a cul-de-sac close to the town centre near a comprehensive range of services and amenities.

Accommodation

Ground floor: Entrance hall, sitting / dining room, kitchen. First floor: Landing, three bedrooms, bathroom. Outside: Front and rear garden.

Location

Situated on a cul-de-sac close to the town centre, near a comprehensive range of services and amenities.

Tenure / Property Information

Investment Analysis

The strongest evidence is the completed sale of 79 Garden Close for £207,000 in February 2024, with 75 Garden Close selling for £210,250 in March 2022. An older same-close sale was £182,000 in 2018. The £140,000 guide is below these comparables, but differences in condition, specification and market timing are not evidenced. A base GDV of £207,000 is used as the latest directly relevant comparable, with £182,000 to £210,250 as an evidence-based range.

Investment Snapshot

Strategy Recommendation

Proceed only subject to inspection, legal review and confirmation of local rental evidence. The guide-to-comparable gap is potentially attractive, but the absence of condition, works and full-cost information makes a firm investment or flip decision premature.

Works Required

No specific defects or refurbishment requirements are stated. Obtain a survey and inspect the kitchen, bathroom, gardens, roof, services, heating and general decoration before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £140,000 guide, the known buyer premium and admin charge add £2,880, giving £142,880 before any works, legal costs, searches, seller-cost reimbursement or transfer fees. A 75% refinance of the £207,000 base GDV would be £155,250, but cash left in cannot be calculated without a supported works and full project-cost allowance. Valuation, refinance terms and condition remain uncertain.

Buy-to-Let Analysis

The only rental evidence is an advertised £1,223 pcm asking rent for three-bedroom houses in Ipswich, not Bungay, so it is a weak rental proxy rather than a reliable local achieved rent. Applied to the £140,000 guide, it indicates approximately 10.5% gross yield before finance, fees, maintenance, voids, insurance and tax. A reliable net yield cannot be established.

Flip Analysis

The evidence-supported base GDV is £207,000. A flip surplus cannot be calculated because refurbishment costs, legal costs, finance costs, selling costs and any seller-cost reimbursement are not supplied. The apparent gap between the guide and GDV should not be treated as profit.

Investor Risks & Due Diligence

• Property condition and required works are not evidenced.

• Rental evidence is from Ipswich rather than Bungay and is an advertised asking rent, not achieved rent.

• Additional search fees, seller-cost reimbursement, legal fees and transfer fees may apply.

• The guide price is not a valuation and the comparable properties may differ in condition or specification.

• Refinance value and lending terms are not guaranteed.

• Gross yield excludes finance, maintenance, voids, insurance, tax and other operating costs.

Recommendation

Proceed only subject to inspection, legal review and confirmation of local rental evidence. The guide-to-comparable gap is potentially attractive, but the absence of condition, works and full-cost information makes a firm investment or flip decision premature.

Strategy Rating

Analysis Confidence

There are recent, directly relevant sold comparables and clear auction charges, but no condition survey, no reliable Bungay rental evidence, no works budget and no complete transaction-cost information.