2 Sunnybank Muddiford, Barnstaple, Devon, EX31 4HD

Description

A three-bedroom semi-detached house in Muddiford, occupying an elevated position with countryside views. The property has approved planning for the erection of a porch, rear extension and two-storey side extension and alterations to the dwelling, under planning reference 78832.

Accommodation

Ground floor: Porch 1.25m x 2.36m; Living Room 4.46m x 3.84m; Kitchen/Diner 4.46m x 2.73m; WC 1.39m x 0.79m. First floor: Bedroom 3.25m x 3.67m; Bedroom 3.25m x 2.79m; Bedroom 2.00m x 2.73m; Bathroom 2.49m x 1.63m.

Location

Muddiford, Barnstaple, Devon. The property occupies an elevated position with countryside views.

Tenure / Property Information

Investment Analysis

The strongest supplied comparable is the same Sunnybank property at £255,000 in September 2021. Earlier same-address sales were £174,000 in 2018, £147,750 in 2016 and £120,000 in 2013. These provide a broad evidence range but are historic and do not establish the effect of the approved porch, rear extension, two-storey side extension and alterations. A base GDV of £255,000 is used cautiously, with £174,000 as a low evidence point and £255,000 as the high evidence point. No condition report, measured post-extension accommodation, build cost or current comparable evidence is supplied.

Investment Snapshot

Strategy Recommendation

Do not bid for a BTL or BRRR strategy on the supplied figures. Consider only after verifying the planning permission, obtaining a detailed build and condition assessment, and establishing current post-works value and full acquisition costs.

Works Required

The supplied planning approval covers a porch, rear extension, two-storey side extension and alterations to the dwelling. No specification, construction cost, condition defects or evidence that the permission has been implemented is supplied, so no reliable works allowance can be calculated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because refurbishment or extension costs, finance costs and full acquisition costs are not supplied. At the £255,000 base GDV, 75% refinancing would notionally be £191,250, but the required total project cost and resulting cash position cannot be calculated. The low evidenced rent also weakens the refinance-and-hold case.

Buy-to-Let Analysis

The only rental evidence is an advertised asking rent of £300 pcm, equivalent to £3,600 annually, not an achieved or guaranteed rent. Against the £210,000 guide this indicates approximately 1.71% gross yield before finance, tax, voids, management, maintenance and auction costs. BTL performance therefore appears weak on the supplied evidence, and a total-cost yield cannot be established without a works budget and complete costs.

Flip Analysis

A potential resale case exists because the property has approved extension and alteration planning and a same-address sale at £255,000 is supplied. However, the comparable is from 2021, the post-works accommodation is not provided, and no build, finance, selling or other project costs are available. Flip surplus is therefore not supportable.

Investor Risks & Due Diligence

• Historic comparable evidence may not represent current market value.

• The effect, validity and implementability of planning reference 78832 are not independently evidenced.

• No construction, refurbishment or extension costs are supplied.

• The £300 pcm figure is an advertised asking rent rather than achieved or passing rent.

• The supplied rent produces a very low gross yield against the £210,000 guide.

• Additional auction charges may include search fees, seller-cost reimbursement, legal fees and transfer fees, but amounts are not supplied.

• EPC rating E47 may affect letting appeal and future compliance considerations.

• Occupancy, condition, heating and council tax information are not supplied.

Recommendation

Do not bid for a BTL or BRRR strategy on the supplied figures. Consider only after verifying the planning permission, obtaining a detailed build and condition assessment, and establishing current post-works value and full acquisition costs.

Strategy Rating

Analysis Confidence

The property description, tenure, planning information, same-address sales and one advertised rent are supplied, but the sales evidence is historic and there are no condition, works-cost, current valuation, finance, selling-cost or post-extension rental details.