Creating Property Opportunities in Norwich Norfolk
Buy-To-Let Opportunity in North Norwich
Project No: 1027
- 2 Bedroom 2 Bathroom House with Large Garden
- Location is North Norwich NR2
- Tenure is FREEHOLD
- Requires Full Refurb
- EPC Report - B
- Estimated Rent Income - £1200-£1300pcm
Probate property secured at 205k in very desireable area of Norwich, with the golden triangle, an area formed due to its close proximity to the University, the city centre and the Norfolk and Norwich Hospital. The property is current laid out as a 2 bed 2 bath terraced house, but a simople conversion would increase this to a 3 bed 2 bath. The property is currently uninhabitable so a full interior renovation would be required, creating a new fresh 3 bed property to this area.
ASK PRICE
205k
CASH INVEST REQ
106k
COMB ROCE
30.20%
RENTAL YIELD
8.76%
Financial Breakdown
Purchase Price
£
205,000
Deposit (25%):
£
51,250
Timeframe for project (months)
8
Buying Costs:
£
6,435
Solicitors
£
3000
Mortgage Broker
£
1950
Stamp duty:
£
1100
Sourcing fee/Other
£
3850
Holding Costs:
£
1,480
Council Tax & all bills (£ pcm)
£
185
Finance Cost:
£
12,300
Interest Rate
£
12.00%
Monthly Finance Payment
£
1538
Refurb Costs:
£
35,000
Selling Costs:
£
4,900
Agent Costs
£
Legals
£
Total Costs:
£
265,115
Cash required
£
106,465
Deposit
£
51,250
All Other Costs (excluding, selling costs)
£
44,453
Sale Price
£
325,000
Profit
£
59,885
Return on Cash Emp'
84.37%
(annualised)
These Figures are estimations based on current facts and figures available at time of production
We strive to ensure that all figures, budgets, and timelines are as accurate as possible based on current market conditions. However, markets can change unexpectedly, and adjustments may be necessary. Rest assured, we will always work to meet our estimates and keep you informed every step of the way. Any changes will be communicated promptly and discussed in detail to ensure full transparency.
Development Opportunity
Refurb Budget 35k
Not much work has been on on the properties for many years. So a complete strip out is recommended with all services be replaced.
- Full Strip out Internal & Rear Garden
- Services Replacement of Boiler to Combi Boiler, removed of water tanks and replacement radiators. Electrics to be updated and certified. Installation of fire detectors
- Indication of historic water damage, but dry now. Requires decora tion repair in master bedroom & kitchen
- Reconfiguration Creating 3rd bedroom with hallway access. Installation of WC/ Shower room on first floor
- Reconfiguration Move Kitchen creating Kitchen Diner
- Reconfiguration Expand ground floor bathroom and creating hallway between kitchen and bathroom for access to Garden.
- Decoration Walls plastered, natural decor throughout. Top floor Bedrooms and stair case flooring in carpet. Bathroom tiled.
- Chimney & fireplace Kitchen to be closed up, living room fireplace to be modernised. Aesthetic only.
- Garden demolish Garage. Leave Greenhouse for further owners. Sun porch, clean and Dress.
Existing Floor Plans
Proposed Floor Plans
Refurbish Budget Breakdown
Compariables - Properties Recently Sold or Rented in Local Area
Address
Sold Price
Date
94 Caernarvon Road, Norwich, NR2 3HY - 3 bed converted
£310,000
March 2024
52 Caernarvon Road, Norwich, NR2 3HX - 2 bed 2 bath
£246,000
July 2023
8, Caernarvon Road, Norwich, Norfolk NR2 3HX - 2 bed 2 bath
£293,000
Oct 2022
36 Wellington Road, Norwich, NR2 3HT - 2 bed 1 bath
£307,000
March 2023
39 Havelock Road, Norwich, NR2 3HQ- 2 bed 1 bath
£347,000
Oct 2023
Address
Rental Price
Date
3 bedroom terraced house to rent in College Road, Norwich
£310,000
March 2024
3 bed terraced house to rent Alexandra Road, Norwich NR2
£1295 pcm
AUGUST 2024
3 bed terraced house to rent - College Road, Norwich NR2
£1600 pcm
AUGUST 2024
3 bed terraced house to rent - Highland Road, Norwich NR2
£1400 pcm
AUGUST 2024
2 Bed Newmarket Street, Norwich
£1250 pcm
AUGUST 2024
Transport & Location
The area around 77 Caernarvon Road, NR2 3HY in Norwich is well-connected by various transport links, making it convenient for both local and regional travel. Located in the NR2 area, the property benefits from proximity to major roads like the A11 and A140, providing easy access to the city center and surrounding regions. Norwich city center is just a short drive or bus ride away, with regular bus services running through nearby Dereham Road and Earlham Road, linking this residential area to key destinations across the city, including the University of East Anglia and Norwich railway station
Transport Links
Norwich railway station, located approximately 2 miles from Caernarvon Road, offers regular train services to London Liverpool Street, Cambridge, and other major cities, providing excellent regional connectivity.
For local travel, the area’s established bus routes are efficient and reliable, connecting residents to shopping centers, schools, and recreational areas
Crime Rate in Area
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Local Facilities
Cycling is also a popular mode of transport, with dedicated bike lanes and quiet residential streets enhancing the appeal for those commuting by bicycle. Additionally, the area is close to green spaces like Eaton Park, making it accessible for walking and leisure.
