89 Cowick Street, Exeter, Devon

Description

Vacant freehold mid terrace house. Ground floor reception room and kitchen; first floor two bedrooms; second floor one bedroom; rear garden. GIA approximately 101 sq m (1,087 sq ft).

Accommodation

Ground Floor - Reception Room and Kitchen; First Floor - Two Bedrooms; Second Floor - One Bedroom; Garden at the rear; GIA approximately 101 sq m (1,087 sq ft)

Location

The property benefits from a fantastic position close to a wide range of local amenities including shops, supermarkets, cafes, and restaurants. Excellent transport links offer convenient access to surrounding areas, including easy access to the M5 motorway. Nearby rail stations provide services into Bristol and beyond.

Tenure / Property Information

Investment Analysis

Recent same-street completed sales provide the strongest evidence: 85 Cowick Street sold for £230,000 in June 2024 and 87 Cowick Street for £237,500 in February 2023. A base GDV of £233,750 is indicated, with a £230,000–£237,500 evidence-based range. The subject’s condition is not provided, so no condition adjustment or refurbishment allowance can be supported.

Investment Snapshot

Strategy Recommendation

Proceed only after viewing, legal review and a full works survey. Subject to acceptable condition and total costs, the strongest apparent options are resale or buy-refurbish-refinance; do not rely on the guide-to-GDV spread alone.

Works Required

Condition information is unavailable, so specific works and costs cannot be identified. A full inspection should establish whether general updating, repairs, services work or other works are required before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £75,000 guide, the apparent value uplift is substantial against the £233,750 base GDV. A 75% refinance illustration on base GDV is £175,312.50, but cash left in cannot be calculated without verified works, fees and finance costs. The strategy is highly dependent on condition, actual saleability and valuation evidence.

Buy-to-Let Analysis

A single advertised asking rent of £1,300 pcm implies £15,600 annual gross rent. Against the £75,000 guide this is 20.8% before works, fees, finance, voids and operating costs. A true acquisition-cost yield cannot be established because refurbishment, buyer/admin charges and other costs are unknown. The rent is an asking estimate, not achieved rent.

Flip Analysis

The recent same-street sales support a base resale value of £233,750, but refurbishment costs, acquisition charges and selling costs are unavailable. Therefore, a reliable flip surplus and maximum bid cannot be calculated. The historical £181,000 sale in 2020 also indicates some variation in achieved values, although it is less recent.

Investor Risks & Due Diligence

• Property condition and required works are not supplied, preventing a refurbishment budget.

• Buyer premium, admin charge and other possible seller or third-party fees are not quantified.

• The £1,300 pcm figure is an advertised asking rent rather than an achieved or passing rent.

• GDV is inferred from nearby same-street sales, not a formal valuation of the subject property.

• Vacant possession is stated, but no EPC, heating, parking or council-tax information is provided.

• Finance, tax, voids, maintenance and selling costs are not available for the calculations.

Recommendation

Proceed only after viewing, legal review and a full works survey. Subject to acceptable condition and total costs, the strongest apparent options are resale or buy-refurbish-refinance; do not rely on the guide-to-GDV spread alone.

Strategy Rating

Analysis Confidence

The analysis has two recent same-street completed sales, one advertised rental and clear tenure/occupancy details, but lacks condition, refurbishment costs, buyer fees, EPC, achieved rent and selling-cost evidence.