20 Densole Way, Densole, Folkestone, Kent

Description

Situated in the popular village of Densole, to the north of Hawkinge and Folkestone. The property, a semi-detached house is in need of total refurbishment and possibly some repair although will allow the successful purchaser the opportunity to redecorate in their own taste and style.

Accommodation

Ground Floor: Entrance porch, entrance hall with stairs to first floor, living room with doors to conservatory, kitchen/dining room, rear hallway, study and shower room/W.C. First Floor: Landing, three bedrooms and bathroom/W.C. Outside: Front garden incorporating off-road parking leading to a detached garage and rear garden.

Location

Situated in the popular village of Densole, to the north of Hawkinge and Folkestone, Kent.

Tenure / Property Information

Investment Analysis

Recent directly comparable sales on Densole Way range from £300,000 to £322,500, with the latest supplied sale at £322,500 in March 2024. The property requires total refurbishment, so the completed value cannot be confirmed precisely without condition, specification and floor-area evidence. A base GDV of £322,500 is used, with £300,000 as a conservative evidence-supported scenario.

Investment Snapshot

Strategy Recommendation

Proceed only subject to a full survey, detailed refurbishment quotation and legal review of all auction fees. The property may suit a refurbishment-led hold or resale, but the guide should not be treated as a viable maximum bid without verified works costs.

Works Required

Total refurbishment and redecoration are indicated by the description. Works may include updating the accommodation and finishes, together with any repairs identified by a survey, but no specific defects or refurbishment budget are supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a base GDV of £322,500, 75% refinancing is £241,875. The strategy may provide refinance capacity after refurbishment, but refurbishment costs, purchase costs and finance costs are not supplied, so the required equity and cash left in cannot be calculated.

Buy-to-Let Analysis

Advertised 3-bedroom rents supplied range from £900 to £1,495 pcm. Against the £180,000–£200,000 guide range, this indicates an approximate gross yield range of 5.4% to 10.0% before refurbishment, purchase costs, finance, voids and operating expenses. Achieved rent and total project costs are not evidenced, so a reliable BTL return cannot be established.

Flip Analysis

The latest supplied comparable supports a potential completed value of £322,500, with older comparable sales ranging from £240,000 to £315,000. A flip appraisal cannot establish a surplus because refurbishment, acquisition, selling and other project costs are not supplied.

Investor Risks & Due Diligence

• The property is described as requiring total refurbishment and possibly repairs, but the extent and cost are unknown.

• Administration and other non-optional auction fees may be payable in addition to the bid.

• Rental evidence is advertised asking rent rather than achieved rent and varies materially from £900 to £1,495 pcm.

• The comparable sales range materially from £240,000 to £322,500 and may differ in condition and specification.

• Stamp Duty, Land Registry fees and VAT may also be payable.

Recommendation

Proceed only subject to a full survey, detailed refurbishment quotation and legal review of all auction fees. The property may suit a refurbishment-led hold or resale, but the guide should not be treated as a viable maximum bid without verified works costs.

Strategy Rating

Analysis Confidence

There are several directly comparable completed sales and two advertised rental indications, but no measured floor area, condition survey, refurbishment costs, buyer/admin costs, achieved rent or detailed fee schedule.