Creating Property Opportunities in Norwich Norfolk
HMO BRR Opportunity in North Norwich
Project No: 1029
- 3 Bedroom 2 Bathroom House with Large Garden
- Location is North Norwich NR2
- Tenure is FREEHOLD
- Requires Full Refurb
- EPC Report - B
- Estimated Rent Income - £3250pcm
This large property with a corner plot of land would be an ideal HMO, property secured at 255k in very desireable area of Norwich, close proximity to the University, the city centre and the Norfolk and Norwich Hospital. The property is current laid out as a 3 bed 2 bath terraced house, but an extension to the side, building above the exist conservatory and shed, would create a 5 bedroom HMO with off street parking for 3-4 cars, and still retain a garden and patio area
ASK PRICE
255k
CASH INVEST REQ
398k
COMB ROCE
21.97%
ROCE
12.95%
Financial Breakdown
Purchase Price
£
255,000
Deposit (100%):
£
0
Timeframe for project (months)
8
Buying Costs:
£
23,750
Solicitors
£
1500
Mortgage Broker
£
750
Stamp duty:
£
13000
Sourcing fee/Other
£
8500
Holding Costs:
£
3405
Council Tax & all bills (£ pcm)
£
185
Finance Cost:
£
12,300
Interest Rate
£
12.00%
Monthly Finance Payment
£
1538
Refurb Costs:
£
36,600
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
Not much work has been on on the properties for many years. So a complete strip out is recommended with all services be replaced.
Refurb Budget 86k
- 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 extension to current building increasing sq to accomodate 2 additonal double bedrooms, with ensuites
- Reconfiguration Creating open kitchen diner through to back garden patio and retaiing storage and downstaior bathrooms
- Reconfiguration Expand first floor, increasing to 5 bedroom with 3 bedrooms having ensuites
- 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 Front to be converted to off street parking and garden in corner plot possible addition of some trees for privacy. Bakc garden to become walln patio with low maintainance planting
Existing Floor Plans
Proposed Floor Plans
under development
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
Low crime rate with only 36 crime recorded in that 1/4 mile area
Local Facilities
- asda
