2 Bed Bungalow, Refurb/BRRR, Morecambe, LA3 1AA, £125,000

Osborne Road, Morecambe, LA3 1AA - a year ago

Auction
Refurb/BRRR
ROI: 3%
~82 m²
+10 photos

ValuationFair Value

Sold Prices£86.5K - £235K
Sold Prices/m²£1.3K/m² - £3.5K/m²

 

 

Square Metres

~81.94 m²
Price/m²£1.5K/m²

Value Estimate

£127,500

 

 

End Value (After Refurb)

£129,555

Uplift in Value

+4%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£31,250

Stamp Duty & Legal Fees

£7,450

Refurb Costs

£33,128

Bridging Loan Interest

£3,281

Total Cash In

£76,860

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£129,555

Mortgage (After Refinance)

£97,166

Mortgage LTV

75%

Cash Released

£3,416

Cash Left In

£73,444

Equity

£32,389

Rent Range

£425 - £1,800

Rent Estimate

£760

Running Costs/mo

£577

Cashflow/mo

£183

Cashflow/yr

£2,198

ROI

3%

Gross Yield

7%

Local Sold Prices

52 sold prices from £86.5K to £235K, average is £123.5K. £1.3K/m² to £3.5K/m², average is £2.1K/m².

PriceDateDistanceAddressBeds 
£155K03/230 mi68, Osborne Road, Heysham, Morecambe, Lancashire LA3 1AA2
£162K07/210.11 mi13, Scott Road, Morecambe, Lancashire LA3 1AL2
£142K07/230.14 mi11, Brook Road, Morecambe, Lancashire LA3 1AX2
£142K07/230.14 mi11, Brook Road, Morecambe, Lancashire LA3 1AX2
£128K06/210.15 mi11, Windsor Avenue, Morecambe, Lancashire LA4 4LR2
£90K12/220.2 mi122b, Balmoral Road, Morecambe, Lancashire LA3 1ST2
£169.9K12/220.24 mi92, Acre Moss Lane, Morecambe, Lancashire LA4 4ND2
£100K09/210.25 mi21, Osborne Grove, Morecambe, Lancashire LA4 4PL2
£168K12/220.27 mi29, Osborne Grove, Morecambe, Lancashire LA4 4PN2
£117K04/210.27 mi12, Manor Grove, Heysham, Morecambe, Lancashire LA3 1JA2
£150K06/230.27 mi1, Manor Grove, Heysham, Morecambe, Lancashire LA3 1JA2
£175K04/210.28 mi8, Bertram Avenue, Morecambe, Lancashire LA4 4PW2
£86.5K11/200.38 mi33, Gardner Road, Heysham, Morecambe, Lancashire LA3 1RX2
£181K05/230.39 mi22, Kenwood Avenue, Morecambe, Lancashire LA4 4PB2
£92K07/210.42 mi27, Byron Road, Heysham, Morecambe, Lancashire LA3 1UH2
£108K06/210.43 mi20, Highgrove Close, Morecambe, Lancashire LA4 4NF2
£115K06/230.43 mi18, Highgrove Close, Morecambe, Lancashire LA4 4NF2
£90K06/210.46 mi18, Harrington Road, Heysham, Morecambe, Lancashire LA3 1EN2
£93K07/230.46 mi14, Harrington Road, Heysham, Morecambe, Lancashire LA3 1EN2
£93K07/230.46 mi14, Harrington Road, Heysham, Morecambe, Lancashire LA3 1EN2
£165.8K05/230.47 mi53, Lordsome Road, Heysham, Morecambe, Lancashire LA3 1JE2
£90K11/200.5 mi2, Granville Road, Heysham, Morecambe, Lancashire LA3 1EB2
£115K12/200.53 mi120, Schola Green Lane, Morecambe, Lancashire LA4 4PX2
£122K10/220.53 mi130, Schola Green Lane, Morecambe, Lancashire LA4 4PX2
£121K04/210.53 mi19, Campion Way, Morecambe, Lancashire LA3 3QE2
£125K02/230.53 mi31, Campion Way, Morecambe, Lancashire LA3 3QE2
£125K05/230.53 mi7, Campion Way, Morecambe, Lancashire LA3 3QE2
£120K09/210.54 mi1, Grays Place, Heysham, Morecambe, Lancashire LA3 1JS2
£235K11/200.54 mi9a, St Johns Grove, Heysham, Morecambe, Lancashire LA3 1ET2
£159K04/230.55 mi62, Carleton Street, Morecambe, Lancashire LA4 4NY2
£145K02/230.55 mi18, Carleton Street, Morecambe, Lancashire LA4 4NY2
£162.5K07/230.55 mi45, Hampsfell Drive, Morecambe, Lancashire LA4 4TU2
£129K12/210.57 mi5, Cumberland View Close, Heysham, Morecambe, Lancashire LA3 1HG2
£155K06/230.57 mi12, Cumberland View Close, Heysham, Morecambe, Lancashire LA3 1HG2
£105K12/200.58 mi8, Teasel Walk, Morecambe, Lancashire LA3 3QQ2
£105K04/210.58 mi2, Teasel Walk, Morecambe, Lancashire LA3 3QQ2
£125K05/230.58 mi6, Teasel Walk, Morecambe, Lancashire LA3 3QQ2
£176K11/220.58 mi112, Westgate, Morecambe, Lancashire LA3 3DG2
£108K11/210.59 mi5, Yarrow Walk, Morecambe, Lancashire LA3 3QG2
£110K12/200.59 mi1, Lambrigg Close, Morecambe, Lancashire LA4 4UE2
£173K02/230.59 mi25, Levens Drive, Heysham, Morecambe, Lancashire LA3 1JN2
£96K02/210.61 mi7, Burdock Walk, Morecambe, Lancashire LA3 3QJ2
£90K07/210.61 mi22, Burdock Walk, Morecambe, Lancashire LA3 3QJ2
£110K12/200.62 mi4, Bryony Court, Morecambe, Lancashire LA3 3QL2
£136K04/210.63 mi11, Hampsfell Drive, Morecambe, Lancashire LA4 4TT2
£116K07/210.64 mi9, Norton Road, Heysham, Morecambe, Lancashire LA3 1HA2
£115.5K12/200.65 mi15, Reedmace Walk, Morecambe, Lancashire LA3 3QW2
£106.5K12/220.65 mi18, Reedmace Walk, Morecambe, Lancashire LA3 3QW2
£100K06/210.65 mi14, Sedge Court, Morecambe, Lancashire LA3 3QN2
£135K11/220.65 mi10, Reedmace Walk, Morecambe, Lancashire LA3 3QW2
£125K10/220.65 mi8, Reedmace Walk, Morecambe, Lancashire LA3 3QW2
£137K10/210.66 mi6, Hampsfell Drive, Morecambe, Lancashire LA4 4TT2

Local Rents

50 rents from £425/mo to £1.8K/mo, average is £699/mo.

RentDateDistanceAddressBeds 
£75006/240.2 miBalmoral Road, Morecambe2
£69905/240.22 miRegent Road, Morecambe, Lancashire, LA32
£85008/240.22 miRegent Road, Morecambe, Lancashire, LA32
£67509/240.22 miRegent Road, Morecambe, LA32
£66507/240.22 miRegent Road, Morecambe2
£69905/240.22 miWest End2
£69905/240.22 miWest End, Morecambe, LA42
£42507/230.25 mi-2
£72507/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£69907/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£72507/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£69907/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£79908/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£89908/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£89908/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£69905/240.27 miAlbert Road, Morecambe, Lancashire, LA42
£65006/240.28 miBalmoral Road, Heysham2
£57505/240.3 miRegent Road, LA32
£67508/240.31 miRegent Road, Morecambe2
£67509/240.31 miRegent Road, Morecambe2
£62510/240.32 mi-2
£85004/240.32 miClarendon Road, Morecambe2
£65007/230.33 mi-2
£66004/240.34 mi-2
£67501/250.34 mi-2
£67503/250.34 mi-2
£65005/240.38 miWest End Road, Morecambe2
£1,80011/240.38 mi-2
£1,80011/240.38 mi-2
£85002/250.38 mi-2
£80003/250.39 mi-2
£1,50012/230.4 mi-2
£69508/240.41 miWest End Road, Morecambe2
£67507/240.41 miMarine Road West, Morecambe, LA32
£65007/240.41 miMarine Road, Morecambe, LA32
£65008/240.41 miMarine Road, Morecambe, LA32
£77505/240.46 miHarrington Road, Heysham, LA32
£65005/240.46 miHutton Grove, Morecambe, LA42
£82507/240.47 miBold Street, Morecambe, Lancashire, LA32
£82507/240.47 miBold Street, Morecambe, Lancashire, LA32
£85007/240.47 miBold Street, Morecambe, Lancashire, LA32
£85008/240.47 miBold Street, Morecambe, Lancashire, LA32
£85008/240.47 miBold Street, Morecambe, Lancashire, LA32
£82508/240.47 miBold Street, Morecambe, Lancashire, LA32
£75002/250.47 mi-2
£62507/240.48 miMarine Road West, Morecambe2
£85002/250.49 mi-2
£65006/230.49 mi-2
£67508/240.51 miFlat 3, 20 Sefton Road, Heysham2
£69505/240.52 miWest End Road, Morecambe2

Local Area Statistics

Population in LA3

24,587

Population in Morecambe

50,836

Town centre distance

0.76 miles away

Nearest school

0.20 miles away

Nearest train station

0.62 miles away

 

 

Rental growth (12m)

-2%

Sales demand

Buyer's market

Capital growth (5yrs)

+31%

Property History

Price changed to £125,000

March 12, 2025

Price changed to £150,000

December 24, 2024

Listed for £155,000

March 7, 2024

Floor Plans

Description

  • Being Sold By GOTO Online Auction +
  • Buyer's Fees Apply +
  • Buy-It-Now Available +
  • An Extended Two Bedroom Semi Detached Bungalow +
  • In Need Of Some Modernisation +
  • Sought After Location, Close To Local Amenities +
  • Local Transport Links Also Nearby +
  • Ideal Property For Anyone Downsizing +

The Property
A fabulous opportunity to purchase this semi-detached bungalow, located close to the Regent park area, near to schools, road and bus routes.

The accommodation comprises: a welcoming entrance hallway. The bay fronted lounge is spacious, light and well-presented and has a feature coal effect gas fire set into a decorative surround. The family bathroom has a three piece suite. There are two fair size bedrooms. The kitchen is extended and features a dining area towards the rear.

Benefits include double glazing, gas central heating and no upward chain.

Externally the rear garden is low maintenance with a detached single garage and a good sized driveway to the front.

Material Information.
The information above has Material information:
been provided by the vendor, agent and GOTO Group and may not be accurate. Please refer to the property’s Legal Pack. (You can download this once you have registered your interest against the property). This pack provides material information which will help you make an informed decision before proceeding. It may not yet include everything you need to know so please make sure you do your own due diligence as well.

Property Description
Being Sold by GOTO Online Auction
Starting Bids from £125,000

Buy it now option available

Please call or visit Purplebricks Online Auctions for more information.

This property is for sale by Online Auction. The Online Modern Method of Auction is a flexible buyer friendly method of purchase. The purchaser will have 56 working days to exchange and complete once the draft contract has been received by the buyer’s solicitor or 10 working days after receipt of the buyer’s premium, whichever is earlier Allowing the additional time to exchange and complete on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer with be required to put down a non-refundable reservation fee called a Buyer’s Premium. This secures the transaction and takes the property off the market. The buyer will be required to agree to our terms and conditions prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found on the online Auction website or requested from our Auction Department.

10% in excess Please note this property is subject to an undisclosed Reserve Price which is typically no more than of the Starting Bid. Both the Starting Bid and Reserve Price can be subject to change. Our primary duty of care is to the vendor. Terms and conditions apply to the Modern Method of Auction, which is operated by GOTO Auctions.

To book a viewing visit Purplebricks.

Specification
Auctioneer's Comments

This property is for sale by Online Auction which is a flexible and buyer friendly method of purchase. The purchaser will not be exchanging contracts on the fall of the virtual hammer but will be given 56 working days in which to complete the transaction, from the date the Draft Contract is issued by the seller’s solicitor. By giving a buyer time to exchange contracts on the property, means normal residential finance can be arranged.

The Buyer’s Premium secures the transaction and takes the property off the market. Fees paid to the Auctioneer reserve the property to the buyer during the Reservation Period and are paid in addition to the purchase price and are considered within calculations for Stamp Duty Land Tax. Further clarification on this must be sought from your legal representative. The buyer will be required to sign a Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Legal Pack which can be downloaded for free from our website or requested from our Auction Department.

Buyer Fees

Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Buyer’s Premium of 3.6% of the purchase price including VAT (this is subject to a minimum amount of £6,600 including VAT) and a Legal Pack fee of £396.00 including VAT. This secures the transaction and takes the property off the market.

Stamp Duty Land Tax (SDLT) is applicable if you buy a property or land over a certain price in England, Wales or Northern Ireland.

Property Description Disclaimer

This is a general description of the property only, and is not intended to constitute part of an offer or contract. It has been verified by the seller(s), unless marked as 'draft'. Purplebricks conducts some valuations online and some of our customers prepare their own property descriptions, so if you decide to proceed with a viewing or an offer, please note this information may have been provided solely by the vendor, and we may not have been able to visit the property to confirm it. If you require clarification on any point then please contact us, especially if you’re traveling some distance to view. All information should be checked by your solicitor prior to exchange of contracts. Successful buyers will be required to complete anti-money laundering checks. Our partner, Lifetime Legal Limited, will carry out the initial checks on our behalf. The current non-refundable cost is £80 inc. VAT per offer. You’ll need to pay this to Lifetime Legal and complete all checks before we can issue a memorandum of sale. The cost includes obtaining relevant data and any manual checks and monitoring which might be required, and includes a range of benefits. Purplebricks will receive some of the fee taken by Lifetime Legal to compensate for its role in providing these checks.

Agent Details

Purplebricks, covering Lancaster

0121 387 6766

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪