8, Oaklands, Okehampton, Devon

Description

The property comprises this semi-detached bungalow that has had a roof extension to enhance the living space. It now requires upgrading and modernisation and may, subject to necessary consents have potential for further expansion of the roof space across the whole building. Purchasers are deemed to rely on their own enquiries as to permissions required for further extensions.

Accommodation

Ground Floor: Reception Room, Two Bedrooms, Kitchen, Bathroom/wc. First Floor: Third Bedroom. Outside: Front and Rear Gardens.

Location

Petrockstowe is a village lying off the A386 between Okehampton to the south and Bideford to the north. Oaklands is a cul-de-sac on the northern fringe of the village and is surrounded by countryside. Whilst this is generally a rural location in the Dorset countryside, this village location has the benefit of the A386 providing road links to the surrounding area and also south to the A30, the main arterial route to the South-West.

Tenure / Property Information

Investment Analysis

The supplied semi-detached comparables in Oaklands range from £246,000 to £295,000, with the two latest recorded sales at £250,000 in 2023 and £295,000 in 2026. Allowing for the subject property's stated need for upgrading and modernisation, an estimated GDV range of £250,000–£295,000 is supported, with £275,000 used as the base estimate. This remains indicative because the comparable properties' condition and accommodation are not provided.

Investment Snapshot

Strategy Recommendation

Conditional refurbishment-led hold or resale only after a full survey, contractor budget, legal review and confirmation of planning and building-control requirements. Do not rely on the apparent GDV uplift alone when setting a bid.

Works Required

Upgrade and modernise the existing accommodation, including the kitchen, bathroom, finishes and general presentation, subject to inspection. Any further roof-space expansion would require the necessary planning and building-control consents and has not been costed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £65,000 guide, the evidence suggests substantial potential value uplift against the estimated £275,000 base GDV. However, refurbishment costs are not supplied, the property requires modernisation, EPC is rated G, and any roof-space expansion depends on consents. A 75% refinance of the base GDV would be approximately £206,250, but cash left in cannot be calculated without a supported works budget and full acquisition costs.

Buy-to-Let Analysis

The supplied advertised rents are £975–£1,200 pcm, implying gross rent of £11,700–£14,400 annually. Against the £65,000 guide, this indicates approximately 18.00%–22.15% gross yield. These are asking rents rather than achieved rents, and refurbishment, finance, operating costs and any completion fees are not included, so net yield and total-cost yield cannot be established.

Flip Analysis

The estimated base GDV is £275,000, but the project cost cannot be calculated because no refurbishment allowance or seller completion fees are supplied. A reliable flip surplus and maximum bid therefore cannot be established. The £1,800 contract documentation fee is known, while other seller fees may apply under the special conditions.

Investor Risks & Due Diligence

• The property is stated to require upgrading and modernisation, but no works specification or cost estimate is supplied.

• Any expansion of the roof space is subject to necessary consents, which have not been confirmed.

• EPC rating G may require improvement and associated expenditure before or during letting.

• The rental evidence comprises advertised asking rents, not achieved rents or a confirmed passing rent.

• Parking and heating details require confirmation from the auction centre.

• The £1,800 contract documentation fee is payable, and additional seller fees may apply under the special conditions of sale.

• The comparable sales do not include condition, size or specification details, limiting the reliability of the GDV estimate.

Recommendation

Conditional refurbishment-led hold or resale only after a full survey, contractor budget, legal review and confirmation of planning and building-control requirements. Do not rely on the apparent GDV uplift alone when setting a bid.

Strategy Rating

Analysis Confidence

The analysis has several local sold comparables, two rental asking-rent indicators and a stated guide price, but lacks floor areas, condition detail, refurbishment costs, achieved rents, parking/heating information and complete auction fees.