3 Bed Bungalow, Refurb/BRRR, Norwich, NR15 2YT, £500,000

BOUNDARY PIGHTLE Forncett Road, Norwich, Norfolk, NR15 2YT - 8 months ago

Sold STC
Refurb/BRRR
Negative Equity
120 m²
+11 photos

ValuationOvervalued

Sold Prices£105K - £645K
Sold Prices/m²£1.6K/m² - £4.2K/m²

 

 

Square Metres

120 m²
Price/m²£4.2K/m²

Value Estimate

£332,877

 

 

End Value (After Refurb)

£375,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£125,000

Stamp Duty & Legal Fees

£28,700

Refurb Costs

£54,261

Bridging Loan Interest

£13,125

Total Cash In

£222,836

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£375,000

Mortgage (After Refinance)

£281,250

Mortgage LTV

75%

Cash Left In

£222,836

Equity

£93,750

Rent Range

£675 - £2,000

Rent Estimate

£1,048

Running Costs/mo

£1,401

Cashflow/mo

£-353

Cashflow/yr

£-4,242

Gross Yield

3%

Local Sold Prices

50 sold prices from £105K to £645K, average is £245K. £1.6K/m² to £4.2K/m², average is £2.8K/m².

PriceDateDistanceAddressBeds 
£645K11/220.64 miWalnut Barn, The Street, Tharston, Norwich, Norfolk NR15 2YP3
£305K06/210.66 miRose Ridge, The Street, Tharston, Norwich, Norfolk NR15 2YP3
£290K06/230.72 mi6, Chequers Road, Tharston, Norwich, Norfolk NR15 2YA3
£270K02/230.79 mi59, Jermyn Way, Tharston, Norwich, Norfolk NR15 2ZA3
£482.5K10/200.84 miLakeside, Low Road, Forncett St Mary, Norwich, Norfolk NR16 1JG3
£330K11/210.84 miRattles, Low Road, Forncett St Mary, Norwich, Norfolk NR16 1JG3
£230K12/200.86 mi4, Chequers Close, Tharston, Norwich, Norfolk NR15 2YX3
£158K10/200.92 miHall Farm Bungalow, Hall Lane, Tharston, Norwich, Norfolk NR15 2YF3
£210K08/230.97 mi24, Suffield Close, Long Stratton, Norwich, Norfolk NR15 2JL3
£105K06/210.97 mi32, Suffield Close, Long Stratton, Norwich, Norfolk NR15 2JL3
£112.5K07/230.97 mi30, Suffield Close, Long Stratton, Norwich, Norfolk NR15 2JL3
£224K10/200.98 miWoodlands, Low Road, Forncett St Peter, Norwich, Norfolk NR16 1HY3
£330K03/211.01 mi17, Bayspole Road, Long Stratton, Norwich, Norfolk NR15 2PW3
£262K02/211.01 mi10, Patrick Road, Long Stratton, Norwich, Norfolk NR15 2PR3
£245K12/201.02 mi18, Patrick Road, Long Stratton, Norwich, Norfolk NR15 2PR3
£280K09/231.05 mi18, John Hill Close, Long Stratton, Norwich, Norfolk NR15 2PT3
£295K11/201.05 mi4, Hotson Close, Long Stratton, Norwich, Norfolk NR15 2PS3
£190K06/211.05 mi33, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£250K07/211.05 mi37, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£202.5K06/211.05 mi17, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£186K06/211.05 mi23, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£186K06/211.05 mi23, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£202.5K06/211.05 mi17, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£195K08/211.05 mi3, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£295K01/231.05 mi40, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£177.5K12/221.05 mi19, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£225K08/231.05 mi23, Porter Road, Long Stratton, Norwich, Norfolk NR15 2TY3
£177K10/201.09 mi8, Spinney Close, Long Stratton, Norwich, Norfolk NR15 2SX3
£295K11/221.12 mi14, Flowerpot Lane, Long Stratton, Norwich, Norfolk NR15 2SZ3
£415K08/231.13 miPadthaway, Aslacton Road, Forncett St Peter, Norwich, Norfolk NR16 1LT3
£382.5K01/231.13 miThe Mallards, Aslacton Road, Forncett St Peter, Norwich, Norfolk NR16 1LT3
£190K05/211.14 mi87, Manor Road, Long Stratton, Norwich, Norfolk NR15 2XS3
£225K05/231.16 mi3, Welholmes Close, Long Stratton, Norwich, Norfolk NR15 2XZ3
£215K06/231.17 mi2, St Andrews Close, Long Stratton, Norwich, Norfolk NR15 2PN3
£210K03/231.17 mi17, St Davids Close, Long Stratton, Norwich, Norfolk NR15 2PP3
£210K10/231.17 mi14, St Davids Close, Long Stratton, Norwich, Norfolk NR15 2PP3
£210K10/231.17 mi15, St Davids Close, Long Stratton, Norwich, Norfolk NR15 2PP3
£245K12/211.18 mi18, St James Way, Long Stratton, Norwich, Norfolk NR15 2PL3
£250K05/231.18 mi21, Sturmy Close, Long Stratton, Norwich, Norfolk NR15 2XU3
£260.1K12/221.19 mi55, Francis Road, Long Stratton, Norwich, Norfolk NR15 2XT3
£315K11/221.19 mi24, Francis Road, Long Stratton, Norwich, Norfolk NR15 2XT3
£290K02/231.19 mi17, Swan Lane, Long Stratton, Norwich, Norfolk NR15 2XN3
£225K11/231.19 mi2, Swan Lane, Long Stratton, Norwich, Norfolk NR15 2XN3
£248K10/221.25 mi20, Glebe Close, Long Stratton, Norwich, Norfolk NR15 2TZ3
£187K04/211.25 mi2, Glebe Close, Long Stratton, Norwich, Norfolk NR15 2TZ3
£230K02/211.25 mi11, Glebe Close, Long Stratton, Norwich, Norfolk NR15 2TZ3
£250K08/231.26 miChurch House, Norwich Road, Long Stratton, Norwich, Norfolk NR15 2PG3
£250K11/201.27 mi10, Manor Park Gardens, Long Stratton, Norwich, Norfolk NR15 2TR3
£320K06/211.27 mi11, Manor Park Gardens, Long Stratton, Norwich, Norfolk NR15 2TR3
£318K02/231.27 miMelrose Cottage, The Street, Long Stratton, Norwich, Norfolk NR15 2AH3

Local Rents

20 rents from £675/mo to £2K/mo, average is £895/mo.

RentDateDistanceAddressBeds 
£1,25006/240.84 miJermyn Way3
£1,15007/240.85 miJermyn Way, Tharston3
£97510/230.93 mi-3
£89508/241.21 miSt. Michaels Road, NR152
£80008/241.21 miSt Michaels Road, Long Stratton, NR152
£85002/251.23 mi-2
£97506/241.26 miNorwich Road, NR153
£70008/241.27 miThe Street, NR152
£89507/241.27 miManor Park Gardens, Long Stratton, NR152
£86507/241.28 mi-2
£86507/241.28 miThe Street, Long Stratton, Norwich, NR152
£72503/241.31 miThe Street, NR151
£67503/241.34 miThe Street, NR151
£1,55008/241.42 miChurchfields Road4
£69506/241.42 miChurchfields Road,Long Stratton,NR151
£69512/241.45 mi-1
£1,65006/241.46 miHolmes Close4
£1,65008/241.46 miHolmes Close4
£2,00006/242.18 miWood Green, NR155
£1,10006/242.36 miWest Way, Tacolneston, Norwich3

Local Area Statistics

Population in NR15

15,806

Population in Norwich

366,887

Town centre distance

10.47 miles away

Nearest school

0.90 miles away

Nearest train station

6.02 miles away

 

 

Rental growth (12m)

+4%

Sales demand

Balanced market

Capital growth (5yrs)

+19%

Property History

Listed for £500,000

-6%

August 19, 2024

Sold for £530,000

2022

Sold for £167,000

2001

Floor Plans

Description

  • NO ONWARD CHAIN +
  • In need of modernisation +
  • Approximately 1 acre of land (STMS) +
  • Spacious accommodation +
  • Sought after location +

SUMMARY
A SPACIOUS THREE BEDROOM DETACHED BUNGALOW occupying a plot of approx 1 acre of land (STMS). The property would benefit from modernisation through out and offers plenty of potential throughout, it is also being sold with the added benefit of NO ONWARD CHAIN!! Viewings are highly recommended!! *

DESCRIPTION
*COMING SOON* full details and photos to follow. William H Brown are pleased to present to the market a rare opportunity to purchase A SPACIOUS THREE BEDROOM DETACHED BUNGALOW occupying a plot of approx 1 acre of land (STMS) in the sought after village of Tharston. The property would benefit from modernisation through out and offers plenty of potential. OFFERED CHAIN FREE

Entrance Hall 
Wooden flooring and radiator.

Lounge 15' 10" x 25' 3" ( 4.83m x 7.70m )
Window to front, rear & side, doors to side, multifuel burner and wooden flooring.

Kitchen 11' 11" x 11' 10" ( 3.63m x 3.61m )
French doors to side, electric cooker and integrated fridge/ freezer.

Utility Room 7' 4" x 6' 6" ( 2.24m x 1.98m )
Wall & base units, work surfaces and plumbing for washing machine.

Bedroom One 15' x 12' 1" ( 4.57m x 3.68m )
Window to front & side and radiator.

Bedroom Two 12' x 11' 10" ( 3.66m x 3.61m )
Window to side.

Bedroom Three 7' 3" x 16' 5" ( 2.21m x 5.00m )
Window to rear, carpeted floor and radiator.

Bathroom 
Mainly refurbished, bath with shower over, fully tiled and radiator.

Seperate W/C 
Window to rear, wc and wash hand basin.

Exterior 
The plot of approximately 1 acre (STMS) and is mainly laid to lawn with mature borders and various outbuildings with a gate to the front.

Garage 12' 2" x 18' 7" ( 3.71m x 5.66m )
Windows to rear & side, door to side, up & over door, power, light and electric.

Agents Note 
The sale of this property is subject to grant of probate. Please seek an update from the branch with regards to the potential timeframes involved.’

1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. The measurements indicated are supplied for guidance only and as such must be considered incorrect.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER SEQUENCE (UK) LIMITED NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.

Agent Details

William H. Brown, Norwich

01603 361933

Next Steps?

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