3 Bed Terraced House, Refurb/BRRR, Torrington, EX38 8BN, £325,000

Torrington, Devon, EX38 8BN - 6 months ago

Refurb/BRRR
~150 m²
+26 photos

ValuationFair Value

Sold Prices£90K - £375K
Sold Prices/m²£1.7K/m² - £5.5K/m²

 

 

Square Metres

~150 m²
Price/m²£2.2K/m²

Value Estimate

£331,500

 

 

End Value (After Refurb)

£332,754

Uplift in Value

+2%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£81,250

Stamp Duty & Legal Fees

£21,200

Refurb Costs

£61,290

Bridging Loan Interest

£8,531

Total Cash In

£174,022

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£332,754

Mortgage (After Refinance)

£249,566

Mortgage LTV

75%

Cash Released

£5,816

Cash Left In

£168,206

Equity

£83,189

Rent Range

£65 - £1,300

Rent Estimate

£809

Running Costs/mo

£1,222

Cashflow/mo

£-413

Cashflow/yr

£-4,952

Gross Yield

3%

Local Sold Prices

50 sold prices from £90K to £375K, average is £222.5K. £1.7K/m² to £5.5K/m², average is £2.3K/m².

PriceDateDistanceAddressBeds 
£90K07/220.03 miKempton House, Whites Lane, Torrington, Devon EX38 8DS3
£137.5K06/210.06 mi33a, New Street, Torrington, Devon EX38 8BS3
£375K04/210.07 miTranquility, School Lane, Torrington, Devon EX38 7AJ3
£167.5K03/210.07 mi4, School Lane, Torrington, Devon EX38 7AJ3
£225K08/220.09 mi50, Town Park, Torrington, Devon EX38 7AH3
£220K03/210.11 mi48, Town Park, Torrington, Devon EX38 7AH3
£181.5K12/200.11 mi40, Town Park, Torrington, Devon EX38 7AH3
£300K12/220.11 mi35, Town Park, Torrington, Devon EX38 7AH3
£202K02/210.11 mi24, Town Park, Torrington, Devon EX38 7AQ3
£200K05/230.12 mi63, New Street, Torrington, Devon EX38 8BT3
£320K09/220.16 mi11, Castle Street, Torrington, Devon EX38 8EZ3
£165K11/200.17 mi12, Calf Street, Torrington, Devon EX38 8EQ3
£237.5K06/230.17 mi4, Calf Street, Torrington, Devon EX38 8EQ3
£371K10/210.17 miPensilva, Castle Street, Torrington, Devon EX38 8EZ3
£177K08/210.17 mi4, Castle Street, Torrington, Devon EX38 8EZ3
£196K11/200.17 mi160, New Street, Torrington, Devon EX38 8BU3
£196K11/200.17 mi160, New Street, Torrington, Devon EX38 8BU3
£260K08/220.18 mi31, Well Street, Torrington, Devon EX38 8EP3
£250K10/220.18 mi19, Town Park, Torrington, Devon EX38 7AQ3
£250K11/220.2 mi147, New Street, Torrington, Devon EX38 8BU3
£260K12/220.2 mi45, Mill Street, Torrington, Devon EX38 8AL3
£177.5K02/210.21 mi11, Louise Terrace, Torrington, Devon EX38 8DB3
£350K11/200.21 miPury Cottage, Warren Lane, Torrington, Devon EX38 8AG3
£230K08/220.21 mi9, Louise Terrace, Torrington, Devon EX38 8DB3
£215K06/230.23 mi177, New Street, Torrington, Devon EX38 8BX3
£295K07/220.23 mi161, New Street, Torrington, Devon EX38 8BX3
£240K07/220.24 mi8, Victory Way, Torrington, Devon EX38 7AR3
£175K11/200.25 mi19, Calf Street, Torrington, Devon EX38 7BG3
£175K11/200.25 mi19, Calf Street, Torrington, Devon EX38 7BG3
£190K11/200.25 mi51, Well Street, Torrington, Devon EX38 7BW3
£260K02/230.26 mi2, Castle Hill Gardens, Torrington, Devon EX38 8ET3
£250K09/220.27 mi95, Trafalgar Drive, Torrington, Devon EX38 7AD3
£185K05/210.27 mi14, Trafalgar Drive, Torrington, Devon EX38 7AB3
£205K09/210.28 mi4, Moorland Terrace, Torrington, Devon EX38 8DD3
£166.5K11/200.29 mi91, Trafalgar Drive, Torrington, Devon EX38 7AD3
£210K09/210.29 mi28, Castle Hill Gardens, Torrington, Devon EX38 8ET3
£235K02/230.29 mi60, Castle Hill Gardens, Torrington, Devon EX38 8ET3
£210K07/210.29 mi46, Castle Hill Gardens, Torrington, Devon EX38 8ET3
£282.5K08/230.29 mi25, Castle Hill Gardens, Torrington, Devon EX38 8EX3
£180K07/210.29 mi50, Mill Street, Torrington, Devon EX38 8AN3
£105K06/210.29 mi30, Mill Street, Torrington, Devon EX38 8AN3
£203K05/220.3 mi81, Castle Hill Gardens, Torrington, Devon EX38 8EX3
£280K05/220.31 mi54, Holwill Drive, Torrington, Devon EX38 7LQ3
£170K11/220.31 mi101, Well Street, Torrington, Devon EX38 7BN3
£270K08/220.33 mi55, Holwill Drive, Torrington, Devon EX38 7LQ3
£250K05/220.33 mi58, Holwill Drive, Torrington, Devon EX38 7LQ3
£267.5K11/220.33 mi4, Holwill Drive, Torrington, Devon EX38 7LQ3
£290K11/210.35 mi209, New Street, Torrington, Devon EX38 8BY3
£250K12/200.35 mi190, New Street, Torrington, Devon EX38 8BY3
£266K02/210.35 mi209, New Street, Torrington, Devon EX38 8BY3

Local Rents

15 rents from £65/mo to £1.3K/mo, average is £775/mo.

RentDateDistanceAddressBeds 
£48504/240.06 miChurch Walk, Great Torrington, Devon1
£70003/240.08 miBank House, Great Torrington, Devon2
£70004/240.08 mi-3
£71005/240.17 miWell Street, Great Torrington, Devon2
£65004/240.21 miNew Road, Great Torrington, Devon2
£77505/240.24 miVictory Way, Devon2
£1,30004/240.28 miTrafalgar Drive, Torrington5
£1,30004/240.28 miTrafalgar Drive, Torrington5
£1,20010/240.29 mi-5
£90004/240.3 miCastle Hill Gardens, Great Torrington, EX383
£87504/240.35 miMorton Drive, Torrington3
£6504/240.35 miSandford Gardens, Torrington1
£75004/240.57 miOakwell Close, Great Torrington, Devon2
£90004/241.89 miWest Ford Farm Cottage, Little Torrington, Devon3
£82503/242.4 miSunnyside, Torrington, Devon3

Local Area Statistics

Population in EX38

8,260

Town centre distance

0.13 miles away

Nearest school

0.40 miles away

Nearest train station

6.84 miles away

 

 

Rental growth (12m)

-8%

Sales demand

Balanced market

Capital growth (5yrs)

+34%

Property History

Listed for £325,000

October 22, 2024

Floor Plans

Description

  • Grade II listed home +
  • Extensive renovations made +
  • Three / four good sized bedrooms +
  • Impressive period features +
  • Quirky yet charming +
  • Stone’s throw to the town centre +
  • Carport parking +
  • Bath and shower rooms +

A charming and spacious three double bedroom Georgian period home located in the heart of our friendly town. This delightful property boasts a bright and inviting interior, perfect for creating a comfortable and homely living space. The well-maintained garden offers a tranquil retreat, ideal for outdoor relaxation and entertaining. With convenient parking/carport facilities, this property combines practicality with style. The sophisticated design and ample natural light throughout enhance the overall appeal of this charming home. Situated close to the heart of the town, this beautiful property offers easy access to local amenities and transport links, making it an ideal choice for families or professionals looking for a stylish and convenient home. Don't miss out on this opportunity to own a piece of quintessential town living with all the benefits it provides. In addition the property boasts a very good sized workshop, an ideal space for enjoying hobbies, for use as a home gym or simply using as secure storage for all your outdoor toys. Palmer Cottage has enjoyed a myriad of recent improvements by the current owners including but not exclusive to electrical upgrades, upgraded plumbing, re-fitted bathrooms and extensive decorating.

Within just a few steps you have the Plough arts centre / theatre and Dartington Crystal. The Royal Horticultural society gardens "Rosemoor" is just a short drive away. Within a mile you can find yourself on the Tarka trail, a footpath/cycle way mainly built on the bed of a disused railway where all the gradients are gentle. It winds its way through some stunning woodland along the course of the River Torridge past Beam Weir, where Henry Williamson’s Tarka the Otter was born, from which the trail gains its name. It continues past Bideford and along the coast to Barnstaple where it splits and one leg turns inland again following the portion of the railway which is still in use the other continues on the bed of the disused railway and onto Ilfracombe. Both Dartmoor and Exmoor national parks are within an hour’s drive away. The closest coastline is only a 10 mile drive and is very popular with surfers and body borders alike. Great Torrington is surrounded by some 365 acres of commons stretching down the picturesque river Torridge valley providing miles of pretty walks.

Ticking boxes aside, it is in my experience that the feel of the home is what will make you buy it. Only by visiting Palmer Cottage you will know if it is "the one". I strongly urge you to take the time to experience it for yourself and would love the opportunity to meet with you there to help embed what you see on paper in the flesh.

The vendor informs us that the property is thought to be constructed of predominately stone and render under a slate roof. Your surveyor or conveyancer may be able to clarify further following their investigations.

Heating: Gas boiler.

Mains water - Mains electric - Mains drainage - Landline telephone.

Broadband coverage: Superfast available up to 80mbps (information taken from Ofcom checker)

Mobile phone coverage: Is limited indoors and likely outdoors (see Ofcom checker for further information)

Part of the property is flying freehold where the kitchen is overlapped by a store room of the adjoining Palmer House.

Directions
On foot from our office on Well Street turn right into Fore Street, then when you reach Lloyds chemist in the far right corner, turn right and proceed on through the church yard bearing left and following on to the right, where upon reaching New Street, Palmer Cottage will be found directly in front of you.

The Parking is located at the rear of the property and accessed off School lane. The Coach house is in front of the first turning left and the open garage is furthest on the left.

Agent Details

Bond Oxborough Phillips, Torrington

020 3869 5476

Next Steps?

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