Pixies Cottage, The Street, Mileham, King's Lynn, Norfolk PE32 2RA

Description

Quaint two bedroom semi-detached cottage in need of some refurbishment situated in the Norfolk village of Mileham. The cottage is a probate sale and is in need of some refurbishment and repairs. Vacant and offering great potential to be enhanced into a family home or holiday cottage as it is located 18 miles from Burnham Market on the North Norfolk coast. The property is also known as Bray Cottage.

Accommodation

Ground floor: sitting room, dining room, kitchen, walk-in pantry and rear porch. First floor: landing, two double bedrooms and Jack and Jill bathroom.

Location

Situated in the heart of the village of Mileham, off The Street, Norfolk. Located 18 miles from Burnham Market on the North Norfolk coast.

Tenure / Property Information

Investment Analysis

Completed sales supplied for the same address/name range from £110,000 in 2012 to £395,000 in 2024, including £375,000 in 2022. These are useful direct evidence but the evidence does not state the condition, specification or refurbishment status at each sale. A provisional scenario range of £290,000–£395,000 is therefore used, with £375,000 as a cautious base estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Treat as a refurbishment-led owner-occupier or resale opportunity rather than an underwritten BTL/BRRR deal. Obtain a full inspection, refurbishment quotations, legal-pack review and local rental evidence before bidding; do not rely on the provisional GDV without this due diligence.

Works Required

Refurbishment and repairs as identified by inspection, with particular attention to the property’s current EPC F rating. No specific defects, building services or scope of works are supplied, so no detailed schedule or cost allowance can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £375,000 provisional base GDV, 75% refinancing would be approximately £281,250. Total project cost cannot be calculated because refurbishment costs, finance costs and possible disbursements are unknown. The BRRR outcome is therefore unverified and dependent on inspection, works pricing and lender valuation.

Buy-to-Let Analysis

BTL appraisal cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The property is vacant and requires refurbishment, so achievable rent and operating yield remain unverified.

Flip Analysis

The supplied same-address sales support a broad historical value range, but do not establish the value of the property in its current condition or after refurbishment. A flip surplus cannot be calculated without a supported works budget and selling allowance; the guide is also stated to be plus fees.

Investor Risks & Due Diligence

• The property is described as requiring refurbishment and repairs, but no quantified scope or cost is provided.

• EPC rating F may require improvement, although the required measures and cost are unknown.

• No sufficiently specific rental comparable or auctioneer rent estimate is available.

• The historic same-address sales show a wide price range and do not identify the condition or specification at each transaction.

• Buyer premium and admin charge total £2,340, with further legal-pack disbursements potentially payable.

• The property is vacant, so there is no passing rental income to evidence current cash flow.

Recommendation

Treat as a refurbishment-led owner-occupier or resale opportunity rather than an underwritten BTL/BRRR deal. Obtain a full inspection, refurbishment quotations, legal-pack review and local rental evidence before bidding; do not rely on the provisional GDV without this due diligence.

Strategy Rating

Analysis Confidence

There is strong direct completed-sale evidence for the named address, but the sale-condition differences, current condition, refurbishment scope, rental value, heating, parking, finance costs and legal-pack disbursements are not supplied.