3 Bed Flat, Refurb/BRRR, South Shields, NE33 4RG, £65,000

Vine Street, South Shields, NE33 4RG - 8 views - a year ago

Leasehold
Refurb/BRRR
ROI: 7%
~93 m²
+7 photos

ValuationFair Value

Sold Prices£35K - £112K
Sold Prices/m²£479/m² - £1.4K/m²

 

 

Square Metres

~93 m²
Price/m²£699/m²

Value Estimate

£65,000

 

 

End Value (After Refurb)

£94,807

Uplift in Value

+46%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£16,250

Stamp Duty & Legal Fees

£3,150

Refurb Costs

£35,501

Bridging Loan Interest

£1,706

Total Cash In

£58,357

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£94,807

Mortgage (After Refinance)

£71,105

Mortgage LTV

75%

Cash Released

£22,355

Cash Left In

£36,002

Equity

£23,702

Rent Range

£550 - £3,300

Rent Estimate

£801

Running Costs/mo

£476

Cashflow/mo

£325

Cashflow/yr

£3,894

ROI

7%

Gross Yield

15%

Local Sold Prices

29 sold prices from £35K to £112K, average is £72.5K. £479/m² to £1.4K/m², average is £893/m².

PriceDateDistanceAddressBeds 
£90K01/210.14 mi48, Crofton Street, South Shields, Tyne And Wear NE34 0QP3
£80K11/210.15 mi49, Alnwick Road, South Shields, Tyne And Wear NE34 0LB3
£60K02/230.16 mi82, Gordon Road, South Shields, Tyne And Wear NE34 0QR3
£75K01/210.16 mi47, Boldon Lane, South Shields, Tyne And Wear NE34 0AR3
£58K04/230.18 mi7, Whitehall Street, South Shields, Tyne And Wear NE33 4SU3
£65K12/220.19 mi59, Brownlow Road, South Shields, Tyne And Wear NE34 0QT3
£72.5K08/220.2 mi46, Richmond Road, South Shields, Tyne And Wear NE34 0QL3
£73K01/210.25 mi10, Ashley Road, South Shields, Tyne And Wear NE34 0PD3
£49.7K01/210.26 mi123, Talbot Road, South Shields, Tyne And Wear NE34 0RG3
£73K04/210.28 mi85, Egerton Road, South Shields, Tyne And Wear NE34 0RD3
£41K01/210.3 mi92, Nora Street, South Shields, Tyne And Wear NE34 0RB3
£65.5K09/210.32 mi3, Whitehead Street, South Shields, Tyne And Wear NE33 5LZ3
£80K09/220.32 mi83, Egerton Road, South Shields, Tyne And Wear NE34 0RD3
£35K02/230.41 mi440, John Williamson Street, South Shields, Tyne And Wear NE33 5HW3
£112K09/230.44 mi96, Birchington Avenue, South Shields, Tyne And Wear NE33 4SA3
£88K11/200.44 mi96, Birchington Avenue, South Shields, Tyne And Wear NE33 4SA3
£87.5K07/230.54 mi18, Armstrong Terrace, South Shields, Tyne And Wear NE33 4LE3
£56K12/200.56 mi92, Collingwood Street, South Shields, Tyne And Wear NE33 4JY3
£80K08/230.58 mi79, Bewick Street, South Shields, Tyne And Wear NE33 4JU3
£40K12/200.62 mi150, Eglesfield Road, South Shields, Tyne And Wear NE33 5PX3
£95K05/230.62 mi1, Garrick Street, South Shields, Tyne And Wear NE33 4JT3
£55K08/230.66 mi124, Mortimer Road, South Shields, Tyne And Wear NE33 4UQ3
£80K08/230.66 mi15, Kirkdale Court, South Shields, Tyne And Wear NE34 9EU3
£60K06/210.75 mi21, Marshall Wallis Road, South Shields, Tyne And Wear NE33 5PD3
£65K12/200.75 mi48, Marlborough Street North, South Shields, Tyne And Wear NE33 4DA3
£92K09/230.76 mi115, Canterbury Street, South Shields, Tyne And Wear NE33 4DD3
£88K07/210.76 mi9, Oxford Avenue, South Shields, Tyne And Wear NE33 4TW3
£60K01/210.76 mi24, Northcote Street, South Shields, Tyne And Wear NE33 4BY3
£47K09/210.77 mi19, Canterbury Street, South Shields, Tyne And Wear NE33 4DQ3

Local Rents

28 rents from £550/mo to £3.3K/mo, average is £658/mo.

RentDateDistanceAddressBeds 
£67507/240.01 miVine Street, South Shields3
£60006/240.01 miWest Park, South Shields, NE33 4RG3
£60007/240.01 miWest Park, South Shields, NE33 4RG3
£55007/240.04 miStanhope Road, South Shields, Tyne and Wear, NE333
£80010/240.04 mi-3
£65004/250.04 mi-3
£79506/240.07 miVine Street, South Shields3
£90002/250.09 mi-3
£65004/250.13 mi-3
£62511/240.15 mi-3
£60005/240.15 mi-3
£80006/240.25 miWear Court, South Shields3
£79507/240.28 mi-3
£79506/240.28 miWadham Terrace, South Shields, NE343
£75007/240.28 miWest Harton, South Shields, NE34 0BU3
£75007/240.28 miWest Harton, South Shields, NE34 0BU3
£58502/240.29 mi-3
£55009/230.33 mi-3
£66503/250.39 mi-3
£77502/250.4 mi-3
£59005/240.41 miJohn Williamson Street, South Shields, Tyne And Wear, NE333
£3,30003/250.52 mi-3
£69512/240.53 miRavensworth Terrace, South Shields3
£65005/230.53 mi-3
£65005/230.53 mi-3
£59502/250.59 mi-3
£60005/240.6 mi-3
£75005/240.62 mi-3

Local Area Statistics

Population in NE33

27,262

Population in South Shields

79,432

Town centre distance

0.71 miles away

Nearest school

0.10 miles away

Nearest train station

0.16 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+19%

Sales demand

Seller's market

Capital growth (5yrs)

+8%

Property History

Listed for £65,000

April 24, 2024

Description

  • No Onward Chain ! +
  • Priced To Reflect Modernisation +
  • Ideal Investment Opportunity +
  • Walking Distance To Many Local Amenities +
  • Well Proportioned Living Accommodation +
  • Reference : 448739 +

Presenting this Three Bedroom Upper Floor Flat on Vine Street, just off Stanhope Road. With a separate yard to the rear, this property offers privacy and potential. Ready for decorating, it's a blank canvas awaiting your personal touch, making it a promising investment opportunity. Conveniently located near amenities on Boldon Lane and Stanhope Road, including shops and bus links, it offers easy access to essentials. Tyne Dock metro station is also within walking distance, facilitating hassle-free commuting. Don't miss out on the chance to transform this property - seize this opportunity today!
ENTRANCE
Via UPVC door into Hallway.
HALLWAY
Stairs to first floor landing.
FIRST FLOOR LANDING

LOUNGE 4.57m (15'0) x 3.12m (10'3)
Double glazed window, storage cupboard, radiator and door into Kitchen.
KITCHEN 3.43m (11'3) x 1.96m (6'5)
Basic range of wall and base units with contrasting worktops, integrated oven and hob with overhead steel extractor hood, plumbing for washer, space for fridge freezer, vinyl flooring, part tiling to walls, double glazed window, COMBI boiler and door leading to inner Hallway.
INNER HALLWAY
Door into Bathroom and stairs leading down to UPVC door to rear.
BATHROOM
Panelled bath with shower over and shower screen, pedestal hand wash basin, low flush W.C., double glazed window, part tiling to walls, lino to floor and radiator.
BEDROOM ONE 4.57m (15'0) x 3.89m (12'9)
Double glazed window and radiator.
BEDROOM TWO 3.76m (12'4) x 2.36m (7'9)
Double glazed window and radiator.
BEDROOM THREE 3.45m (11'4) x 2.06m (6'9)
Double glazed window and radiator.
EXTERNALLY
Private yard to rear.
Tenure
We will provide as much information about tenure as we are able to and in the case of leasehold properties, we can in most cases provide a copy of the lease. They can be complex and buyers are advised to take legal advice upon the full terms of a lease. Where a lease is not readily available we will apply for a copy and this can take time.
Broadband & Mobile Coverage
The Ofcom website states the average broadband download speed of 8 Mbps and a maximum download speed of 1000 Mbps at this postcode: NE33 4RG and mobile coverage is provided by EE, Three, O2 and Vodafone. The checker results are predictions and should not be regarded as guaranteed.
Council Tax
The GOV.UK website states the property is Council Tax Band: A
Disclaimer
The property has a Leasehold title registered against it with a term of 10 years from 22 October 2014 to 21 October 2024. We are instructed by the Freeholder who has informed us the Leasehold title will be terminated to coincide with the sale of the property. Meaning the property will be Freehold upon sale. We await official confirmation from solicitors.
The Agent Of The North
Andrew Craig is The Agent of the North and as Chartered Surveyors we can help you with all your Residential and Commercial property needs. Sales, Conveyancing, Lettings, Property Management, Surveys and Valuations. Call now on
Money Laundering Regulations
Please note that any offers will require you to be financially verified, meaning you'll need to provide us sight of a mortgage in principle, proof of deposit funds, and proof of cash. You'll also need to provide us with full chain details including agents and solicitors down the chain. To comply with Money Laundering Regulations all buyers will be required to provide us with proof of identification before we can issue acceptance letters and solicitors are instructed.
Material Information
The information provided about this property does not constitute or form part of an offer or contract, nor may it be regarded as representations. All interested parties must verify accuracy and your solicitor must verify tenure and lease information, fixtures and fittings and, where the property has been recently constructed, extended or converted, that planning/building regulation consents are in place. All dimensions are approximate and quoted for guidance only, as are floor plans which are not to scale and their accuracy cannot be confirmed. Reference to appliances and/or services does not imply that they are necessarily in working order or fit for purpose. We offer our clients an optional conveyancing service, through panel conveyancing firms, via Move With Us and we receive on average a referral fee of one hundred and ninety four pounds, only on completion of the sale. If you do use this service, the referral fee is included within the amount that you will be quoted by our suppliers. All quotes will also provide details of referral fees payable.

EPC Rating: C

Agent Details

Andrew Craig, South Shields

0191 625 0766

Next Steps?

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