9 Skoner Road, Norwich, Norfolk NR5 9AX

Description

A three bedroom house within a highly sought after residential location requiring modernisation and refurbishment. The property in brief comprises of an entrance hall, lounge / dining room, kitchen, 3 bedrooms, bathroom with separate WC as well as plenty of storage. This opportunity offers great potential to add significant value once renovated and is located within a highly desirable residential location with strong demand locally for buy to let properties.

Accommodation

Entrance hall, lounge / dining room, kitchen, 3 bedrooms, bathroom with separate WC and plenty of storage.

Location

Located within a highly sought after and highly desirable residential location, close to a wide range of local amenities, shops and transport links.

Investment Analysis

The strongest supplied evidence is the same-road sale of a terraced property at £190,000 in May 2023. The subject is a three-bedroom end-of-terrace house requiring modernisation and refurbishment, so £190,000 is used as an indicative base GDV rather than a formal valuation. Indicative evidence-led scenarios are £180,000 low, £190,000 base and £200,000 high. Only one recent relevant comparable is supplied, and no condition-adjusted valuation evidence is available.

Investment Snapshot

Strategy Recommendation

Investigate as a potential value-add BTL or BRRR project, subject to a full inspection, detailed refurbishment quotation, confirmation of special-condition fees and validation of achievable rent. Do not bid solely on the headline guide-to-GDV spread.

Works Required

Modernisation and refurbishment as described by the auctioneer, potentially including updating the kitchen, bathroom/WC, decoration, flooring and general finishes. The exact scope and cost cannot be established from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £190,000 base GDV, 75% of GDV is £142,500. The refinance outcome and cash left in cannot be calculated because refurbishment costs, total acquisition costs and finance assumptions are not supplied. The strategy requires a confirmed scope, costed works and valuation before bidding.

Buy-to-Let Analysis

At the £110,000 guide, the single advertised asking rent of £2,250 pcm implies £27,000 annual rent and a 24.55% gross yield before refurbishment, finance, operating costs and the £1,860 minimum buyer premium. This is an asking rent rather than achieved rent, and no EPC, tenancy or operating-cost evidence is supplied. A dependable net yield cannot be established.

Flip Analysis

The indicative base GDV is £190,000 against the £110,000 guide, but refurbishment costs, buyer costs beyond the stated premium and selling costs are incomplete. A reliable flip surplus and maximum bid therefore cannot be calculated. The £190,000 comparable is not condition-adjusted for this property.

Investor Risks & Due Diligence

• Refurbishment scope and cost are unknown despite the property requiring modernisation.

• The £2,250 pcm figure is an advertised asking rent, not an achieved or passing rent.

• Only one recent relevant comparable is supplied, and it is not condition-adjusted.

• Tenure, occupancy, EPC, council tax and heating details are not supplied.

• Additional fees may be stated in the Special Conditions of Sale.

• A reliable maximum bid, total project cost and flip surplus cannot be calculated from the evidence.

Recommendation

Investigate as a potential value-add BTL or BRRR project, subject to a full inspection, detailed refurbishment quotation, confirmation of special-condition fees and validation of achievable rent. Do not bid solely on the headline guide-to-GDV spread.

Strategy Rating

Analysis Confidence

There is one recent same-road sale and one advertised rental, but the subject’s tenure, occupancy, EPC, condition detail, refurbishment cost, selling costs and special-condition fees are not supplied.