4 Carlisle Gardens, Horncastle, Lincolnshire

Description

A Vacant Three Bedroom Detached Bungalow in Need of Refurbishment. The property comprises a three bedroom detached bungalow.

Accommodation

Ground Floor: Reception Room, Kitchen, Three Bedrooms (one with an en-suite), Bathroom. Exterior: front and rear gardens, a garage and off street parking.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Greenacres Park are within easy reach. Transport links are provided by the A158.

Tenure / Property Information

Investment Analysis

The five supplied Land Registry comparables are detached freehold properties on Carlisle Gardens, with completed prices from £220,000 to £367,500. The most recent two sales were £220,000 and £230,000, while older sales were materially higher. A cautious base GDV of £275,000 is used, equal to the median of the supplied comparables. The range is wide and the comparables' bedroom numbers, floor areas and condition are not supplied, so this is indicative only.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide without a survey, detailed refurbishment quotations, legal-pack review and confirmation of all auction charges. Proceed only if the condition-adjusted resale value and complete project budget leave a satisfactory margin.

Works Required

Refurbishment is required, but the evidence does not identify specific defects or provide a scope of works. Obtain a full inspection and contractor quotations before bidding; no cost allowance can be supported from the supplied evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A 75% refinance of the indicative £275,000 base GDV would be £206,250. However, refurbishment costs, buyer premium and other potential charges are unknown, so total project cost, equity requirement and cash left in cannot be calculated. The strategy should not be relied upon without a survey, works budget and finance terms.

Buy-to-Let Analysis

BTL appraisal cannot be established. The only rental evidence is an £825 pcm advertised asking rent in Carlisle, which is not evidenced as applicable to this Horncastle property and is not an achieved rent. Refurbishment costs, finance costs and total acquisition costs are also unavailable.

Flip Analysis

The indicative base GDV is £275,000 against a £240,000+ guide, but refurbishment costs, buyer premium, legal/disbursement charges and selling costs are not supplied. A reliable resale surplus or maximum bid therefore cannot be calculated. The £220,000 to £367,500 comparable range indicates material valuation uncertainty.

Investor Risks & Due Diligence

• The property is explicitly described as needing refurbishment, but the defects and scope of works are unknown.

• The buyer premium amount is unspecified and additional search, seller, legal, transfer and legal-pack disbursement charges may apply.

• The supplied comparable prices vary substantially from £220,000 to £367,500 and lack detailed specification and condition data.

• The rental evidence relates to Carlisle rather than being evidenced as applicable to Horncastle and is an advertised asking rent rather than achieved rent.

• No EPC, council tax or heating information is supplied.

• The property is vacant, so no passing rent or tenancy income is evidenced.

Recommendation

Do not bid at the guide without a survey, detailed refurbishment quotations, legal-pack review and confirmation of all auction charges. Proceed only if the condition-adjusted resale value and complete project budget leave a satisfactory margin.

Strategy Rating

Analysis Confidence

There are five relevant same-road completed sales, but the evidence lacks floor areas, bedroom counts and condition for the comparables, while refurbishment costs, applicable rent, EPC, legal disbursements and buyer premium are unavailable.