Springdale Farm, Longdown, Exeter, Devon, EX6 7SD

Description

Detached two-bedroom bungalow with approximately 11.6 acres of pasture and woodland, requiring substantial renovation and improvement. Building works have commenced to the side of the property, including an incomplete extension.

Accommodation

Living room, kitchen, two bedrooms, bathroom and incomplete side extension.

Location

Attractive rural position near Longdown, approximately four miles west of Exeter, with convenient access to Exeter, the A30 and the M5 motorway.

Tenure / Property Information

Investment Analysis

The £295,000+ guide is the only current pricing evidence supplied. The sole comparable is the same property at £194,000 in May 2009 and is not sufficient to establish current market value. Current value is particularly uncertain because the bungalow requires substantial renovation, the side extension is incomplete, the acreage is extensive, and mobile-home occupational arrangements are unknown. No supported GDV or maximum bid can therefore be calculated.

Investment Snapshot

Strategy Recommendation

Do not proceed on the guide price without a full structural, planning, legal and occupational review, a quantified renovation budget and current valuation evidence. Treat the property as unsuitable for an informed bid until those uncertainties are resolved.

Works Required

Investigate the building, land and title position; complete or lawfully resolve the incomplete side extension; carry out the substantial renovation and improvement required to the bungalow. The extent and cost of works cannot be quantified from the evidence. Obtain full details of any mobile-home leases, tenancies, licences or other occupational arrangements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR viability cannot be calculated without a supported post-refurbishment GDV, refurbishment budget, rental evidence and finance assumptions. The incomplete extension, substantial renovation requirement and unknown mobile-home arrangements require investigation before bidding.

Buy-to-Let Analysis

A BTL assessment cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property is vacant and requires substantial renovation, so actual achievable rent and letting suitability remain unverified.

Flip Analysis

A flip surplus cannot be calculated. There is no current comparable evidence, supported GDV, quantified works budget or selling-cost allowance. The 2009 sale at £194,000 is historical and insufficient for a current resale assessment.

Investor Risks & Due Diligence

• Substantial renovation is required, but no scope or cost estimate is supplied.

• The side extension is incomplete and its planning and building-regulation position is unknown.

• Mobile homes may be situated on part of the property, with unknown leases, tenancies, licences or other occupational arrangements.

• The extensive pasture and woodland holding may affect value, management and resale, but no separate evidence is supplied.

• EPC, heating and parking information are unconfirmed.

• Administration, search, other non-optional fees, Stamp Duty, Land Registry fees and VAT may be payable in addition to the bid price.

Recommendation

Do not proceed on the guide price without a full structural, planning, legal and occupational review, a quantified renovation budget and current valuation evidence. Treat the property as unsuitable for an informed bid until those uncertainties are resolved.

Strategy Rating

Analysis Confidence

Only one historical 2009 comparable is supplied; current GDV, works cost, rent, EPC, heating, parking, mobile-home arrangements and applicable purchase fees are unconfirmed.