9 Northcote, Docking, King's Lynn, Norfolk

Description

A three bedroom semi-detached house in need of modernisation and possible remedial work in the sought after village of Docking. This semi-detached house is located in the sought after village of Docking, is in need of full modernisation and possible remedial work.

Accommodation

Ground floor: lounge, dining room, kitchen and utility room. First floor: three bedrooms and a bathroom. Outside: gardens to front and rear.

Location

Docking is a popular village in North Norfolk offering a range of amenities including a small supermarket, post office, public house, fish and chip shop, village playing field, primary school and doctors’ surgery.

Tenure / Property Information

Investment Analysis

Same-street completed sales range from £192,500 to £352,500, with other evidence at £245,000, £255,000 and £274,000. The spread is substantial and the comparables do not provide size, condition or specification details. A central indicative GDV of £255,000 is used, but this is not a formal valuation and is subject to the property's full modernisation and possible remedial work being completed satisfactorily.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack and obtaining a qualified survey and detailed refurbishment quotation. Do not rely on the headline rent or base GDV to set a bid; the missing works budget and wide comparable range make a firm maximum bid unsupported.

Works Required

Full modernisation is indicated by the description, together with investigation and completion of any remedial work identified. The evidence does not specify particular defects or provide a reliable works budget.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £255,000 base GDV, 75% refinancing would be approximately £191,250. However, refurbishment costs, total acquisition cost and finance assumptions are unavailable, so cash left in and the viability of a refinance cannot be calculated. The wide comparable range creates material valuation risk.

Buy-to-Let Analysis

The advertised asking rent of £1,490 pcm equates to £17,880 per year and a headline gross yield of 17.88% against the £100,000 guide. This excludes the £3,000 stated buyer and administration charges, refurbishment, finance, tax, maintenance, voids and other possible disbursements. The rent is an asking figure rather than achieved rent, so a dependable net or total-cost yield cannot be established.

Flip Analysis

A potential resale margin cannot be calculated reliably because no refurbishment allowance, selling costs or other project costs are supported by the evidence. The same-street completed sales range is £192,500–£352,500, indicating substantial uncertainty around achievable post-works value.

Investor Risks & Due Diligence

• The property is described as requiring full modernisation and possible remedial work, but no reliable works budget is supplied.

• Same-street completed sale prices vary materially from £192,500 to £352,500, with insufficient detail to reconcile the differences.

• The £1,490 pcm figure is an advertised asking rent, not achieved or passing rent.

• The £3,000 stated buyer premium and administration charge are known, while legal-pack disbursements and other possible charges remain unspecified.

• The guide price is stated as plus fees, and total project cost cannot be established without refurbishment and other cost information.

Recommendation

Proceed only after reviewing the legal pack and obtaining a qualified survey and detailed refurbishment quotation. Do not rely on the headline rent or base GDV to set a bid; the missing works budget and wide comparable range make a firm maximum bid unsupported.

Strategy Rating

Analysis Confidence

There are several same-street completed sales and one advertised rental, but there is no floor area, detailed condition report, works quotation, achieved rental evidence, selling-cost allowance or full legal-pack cost information.