1 Bethal Cottages, Blakeshill Road, Barnstaple, Devon

Description

A two-bedroom mid-terraced character property located in Landkey, Devon, EX32 0JE. The property comprises a dining room, living room, kitchen and bathroom, with two bedrooms to the first floor. One of the bedrooms has stairs leading to a loft room, providing additional space.

Accommodation

Ground floor: Living Room, Dining Room, Kitchen, Bathroom. First floor: Bedroom, Bedroom. Second floor: Loft Room.

Location

Landkey is approximately three miles from Barnstaple and has a village shop, primary school, church, village hall and public house. Barnstaple provides a wider range of shops, supermarkets, schools, leisure facilities and transport links.

Tenure / Property Information

Investment Analysis

The supplied completed sales provide the strongest value evidence. The same Bethal Cottages address sold for £185,000 in April 2019 and £172,500 in September 2015. A nearby Malt House terrace sold for £197,000 in 2012. On this limited evidence, a supported scenario range of £172,500–£197,000 is reasonable, with £185,000 used as the base GDV. The comparables are historical and do not confirm the subject property's current condition, exact specification or tenure.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let or owner occupation at an acceptable price, subject to inspection and legal-pack review. Do not set a maximum bid until condition, tenure, total fees and achievable rent are verified.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain the legal pack and inspect the property before budgeting for works; the description confirms a kitchen, bathroom, loft room and general residential accommodation but does not support a quantified works allowance.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide price, 75% of the £185,000 base GDV indicates refinancing proceeds of £138,750. However, total acquisition and project cost cannot be calculated because refurbishment costs and potentially payable additional fees are not supplied. The cash left in and BRRR equity position therefore remain unquantified. Legal-pack, valuation, mortgageability and condition checks are essential.

Buy-to-Let Analysis

The advertised asking rent evidence is £600 pcm, equivalent to £7,200 per year. Against the £95,000 guide price alone, the gross yield is approximately 7.58%, before the £1,680 buyer premium, £1,200 administration charge, any works, finance, tax, insurance, maintenance and other auction-related costs. A true all-in yield cannot be established because works, tenure-related costs and additional fees are unknown. The rent is an asking rent, not an achieved or passing rent.

Flip Analysis

The base GDV is estimated at £185,000 from historical completed sales, with a supported scenario range of £172,500–£197,000. A flip surplus cannot be calculated because refurbishment costs, selling costs and any additional auction or legal costs are not evidenced. The apparent discount to the guide is not sufficient on its own to establish a viable resale margin.

Investor Risks & Due Diligence

• Historical comparable sales may not reflect current market value.

• Property condition and refurbishment requirements are unknown.

• The £600 pcm figure is an advertised asking rent rather than achieved or passing rent.

• Tenure and legal-pack matters are not supplied.

• Buyer premium and administration charge are payable, with further possible search, seller, legal and transfer costs.

• A loft room is described, but its status, compliance and suitability for accommodation are not evidenced.

• No parking, heating or council-tax information is supplied.

Recommendation

Potentially suitable for buy-to-let or owner occupation at an acceptable price, subject to inspection and legal-pack review. Do not set a maximum bid until condition, tenure, total fees and achievable rent are verified.

Strategy Rating

Analysis Confidence

There are several relevant completed sales and one advertised rental, but the sales are historical and the property's condition, tenure, occupancy, works requirement, total costs and achieved rent are not supplied.