Homefield Road, Exeter, Devon, EX1

Investment potential:

The property requires refurbishment and has further potential for reconfiguration if desired.
If the property was kept in the currently configuration but refurbished to a fair standard, we believe that the potential total annual income of £49,200 would be achievable. We also believe that the the estimated value of the property would increase to £600,000. This would equal a 8.2% Net yield. This could create a 8.45% ROI and a £25,368 profit per annum. (Based on a 25% LTV mortgage at 4.24% interest rate with a purchase price of £400,000 and allowing a £150,000- £200,000 budget for works.)

If the property was configured into self contained studio flats/ extended to the rear and refurbished to a fair standard, we believe that the potential total annual income of £55,000 would be achievable. We also believe that the estimated value of the property would increase to £650,000. This would equal a 8.46% Net yield. This could create a 8.90% ROI and a £31,164 profit per annum. (Based on a 25% LTV mortgage at 4.24% interest rate with a purchase price of £400,000 and allowing a £200,000-£250,000 budget for works.)

Please note that the above is an estimation only and it could change depending on market condition and other variable factors, It also does not constitute a formal valuation.

The property:

Access to the front door is via a small set of steps at the front of the property.

Lower ground floor:

A self-contained basement flat with its own front door to the side of the building. The flat is configured into an open plan space with kitchen, sitting room, bedroom and bathroom. The flat has exclusive access to the rear courtyard.

Ground floor:

Two double bedrooms are located on the ground floor, both with kitchenettes. The two bathrooms are also located on the ground floor.

First floor:

Three double bedrooms are located on the first floor with kitchenettes.

Location:

Exeter is a vibrant small city that really packs a punch with its many restaurants, shops, pubs, bars and historical sights. The rest of the country is easily accessible from Exeter due to its many transport links including two train lines to London (London Paddington 120 minutes), Exeter airport and the M5 motorway.

Agents note:

We believe that the property will require a HMO licence for all rooms to be rented.

Property information:

Residents permit parking available

Tenure: Freehold
Council tax band: D (Basement flat band A)
Mains , electric, water and drainage.

Broadband: Superfast fibre broadband available (checked via openreach)

PLEASE NOTE:

Our business is supervised by HMRC for anti-money laundering purposes. If you make an offer to purchase a property and your offer is successful, you will need to meet the approval requirements covered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. To satisfy our obligations we use an external company to undertake automated ID verification, AML compliance and source of funds checks. A charge of £10 is levied for each verification undertaken.