3 Bed House, Refurb/BRRR, Ipswich, IP1 3LU, £300,000

68 Berners Street, Ipswich, Suffolk, IP1 3LU - 8 views - a year ago

Refurb/BRRR
ROI: 2%
~93 m²
+7 photos

ValuationOvervalued

Sold Prices£105K - £650K
Sold Prices/m²£1K/m² - £5.7K/m²

 

 

Square Metres

~93 m²
Price/m²£3.2K/m²

Value Estimate

£207,136

 

 

End Value (After Refurb)

£281,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£75,000

Stamp Duty & Legal Fees

£12,700

Refurb Costs

£43,322

Bridging Loan Interest

£7,875

Total Cash In

£140,647

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£281,000

Mortgage (After Refinance)

£210,750

Mortgage LTV

75%

Cash Left In

£140,647

Equity

£70,250

Rent Range

£950 - £3,800

Rent Estimate

£1,468

Running Costs/mo

£1,192

Cashflow/mo

£276

Cashflow/yr

£3,315

ROI

2%

Gross Yield

6%

Local Sold Prices

50 sold prices from £105K to £650K, average is £230K. £1K/m² to £5.7K/m², average is £2.5K/m².

PriceDateDistanceAddressBeds 
£265K04/230.07 mi59, High Street, Ipswich, Suffolk IP1 3QL3
£230K03/210.08 mi32, Geneva Road, Ipswich, Suffolk IP1 3NP3
£236.5K03/210.12 mi66, Newson Street, Ipswich, Suffolk IP1 3NY3
£167.5K08/210.17 mi4, Cardigan Street, Ipswich, Suffolk IP1 3PF3
£284K04/210.21 mi25, Alpe Street, Ipswich, Suffolk IP1 3NZ3
£350K03/210.22 mi30, Alpe Street, Ipswich, Suffolk IP1 3NZ3
£325K03/230.22 mi41, Alpe Street, Ipswich, Suffolk IP1 3NZ3
£300K11/200.24 mi21, Warrington Road, Ipswich, Suffolk IP1 3QU3
£525K10/200.27 mi32, Broughton Road, Ipswich, Suffolk IP1 3QR3
£360K12/200.35 mi54, Warrington Road, Ipswich, Suffolk IP1 3RE3
£165K07/210.35 mi11, Wilberforce Street, Ipswich, Suffolk IP1 2JP3
£285K03/230.36 mi43, Clarkson Street, Ipswich, Suffolk IP1 2JN3
£165K02/210.39 mi16, Curriers Lane, Ipswich, Suffolk IP1 2AH3
£243K02/210.39 mi64, Anglesea Road, Ipswich, Suffolk IP1 3PN3
£205K06/230.41 mi9, Wellington Street, Ipswich, Suffolk IP1 2NT3
£340K07/210.44 mi6, Valley Road, Ipswich, Suffolk IP1 4ED3
£262K03/210.44 mi44, Bolton Lane, Ipswich, Suffolk IP4 2BT3
£195K09/210.44 mi86, Victoria Street, Ipswich, Suffolk IP1 2JX3
£110K04/210.45 mi63, Elliott Street, Ipswich, Suffolk IP1 2HJ3
£135K03/210.47 mi23, Elliott Street, Ipswich, Suffolk IP1 2HN3
£182K02/210.47 mi11, Withipoll Street, Ipswich, Suffolk IP4 2BZ3
£205K09/210.47 mi36, Waterloo Road, Ipswich, Suffolk IP1 2NY3
£190K10/200.47 mi30, Waterloo Road, Ipswich, Suffolk IP1 2NY3
£240K01/230.47 mi20, Waterloo Road, Ipswich, Suffolk IP1 2NY3
£147K09/210.48 mi57, Sirdar Road, Ipswich, Suffolk IP1 2LD3
£144.2K07/210.48 mi61, Sirdar Road, Ipswich, Suffolk IP1 2LB3
£130K03/230.5 mi3, Surrey Road, Ipswich, Suffolk IP1 2LE3
£178K07/210.5 mi120, Bramford Road, Ipswich, Suffolk IP1 2LL3
£425K11/220.5 mi14, Westwood Avenue, Ipswich, Suffolk IP1 4EQ3
£460K07/230.52 mi9, Westwood Avenue, Ipswich, Suffolk IP1 4EQ3
£229K07/230.53 mi18, Blenheim Road, Ipswich, Suffolk IP1 4EB3
£215K05/210.54 mi3, Turret Lane, Ipswich, Suffolk IP4 1DT3
£121K12/200.56 mi23, Chevallier Street, Ipswich, Suffolk IP1 2PF3
£105K07/210.56 mi6, Firmin Close, Ipswich, Suffolk IP1 2BF3
£400K01/210.56 mi44, Dale Hall Lane, Ipswich, Suffolk IP1 3RY3
£380K07/230.56 mi9, Vermont Road, Ipswich, Suffolk IP4 2SR3
£155K04/210.56 mi19, Hervey Street, Ipswich, Suffolk IP4 2ES3
£230K05/210.57 mi89, Hervey Street, Ipswich, Suffolk IP4 2ET3
£225K12/200.57 mi58, Hervey Street, Ipswich, Suffolk IP4 2ET3
£250K02/230.57 mi89, Hervey Street, Ipswich, Suffolk IP4 2ET3
£225K08/210.57 mi9, Cemetery Road, Ipswich, Suffolk IP4 2ER3
£252.3K12/220.57 mi29, Broom Hill Road, Ipswich, Suffolk IP1 4EH3
£250K06/210.57 mi28, Broom Hill Road, Ipswich, Suffolk IP1 4EH3
£183K04/210.57 mi59, Broom Hill Road, Ipswich, Suffolk IP1 4EH3
£305K09/220.57 mi32, Broom Hill Road, Ipswich, Suffolk IP1 4EH3
£650K10/220.58 mi10a, Woodstone Avenue, Ipswich, Suffolk IP1 3TE3
£325K12/220.59 mi32, Lower Brook Street, Ipswich, Suffolk IP4 1AL3
£195K04/230.59 mi7, Bramford Lane, Ipswich, Suffolk IP1 4DB3
£168K11/200.59 mi64, Cullingham Road, Ipswich, Suffolk IP1 2EG3
£230K01/230.6 mi152, Bramford Road, Ipswich, Suffolk IP1 4AB3

Local Rents

31 rents from £950/mo to £3.8K/mo, average is £1.2K/mo.

RentDateDistanceAddressBeds 
£1,25005/240.07 mi-3
£1,15003/250.14 mi-3
£1,25003/240.17 mi-3
£2,20003/250.2 mi-3
£1,25004/240.32 miMuseum Street, Ipswich3
£1,20012/240.32 mi-3
£1,20003/250.32 mi-3
£1,00005/240.36 miBulwer Road, Ipswich3
£1,00005/240.36 miBulwer Road3
£1,20003/240.39 miCurriers Lane, Ipswich3
£99506/240.4 miDillwyn Street West, Ipswich3
£99506/240.4 miDillwyn Street West, Ipswich3
£1,30004/240.44 miSt. Margarets Green, Ipswich3
£3,50003/240.44 mi-3
£2,50006/240.44 mi-3
£95003/240.47 miElliott Street, Ipswich3
£1,10004/240.47 miChapel Mews, 46A Bolton Lane, Ipswich, Suffolk, IP43
£98504/240.49 mi-3
£1,15002/240.49 mi-3
£3,80007/240.52 mi-3
£3,80008/240.52 mi-3
£1,35004/240.54 miHervey Street, Ipswich, IP43
£1,10010/240.55 mi-3
£1,20008/240.55 miHervey Street, Ipswich, IP43
£1,30001/240.56 miTurret Lane, Ipswich, Suffolk, IP43
£1,45004/240.57 miBroom Hill Road, IPSWICH3
£1,25007/240.58 mi-3
£1,20004/240.58 mi-3
£97503/240.59 mi-3
£97503/240.59 mi-3
£99504/240.6 miNorfolk Road, Ipswich3

Local Area Statistics

Population in IP1

39,363

Population in Ipswich

219,393

Town centre distance

0.83 miles away

Nearest school

0.20 miles away

Nearest train station

0.79 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+50%

Sales demand

Balanced market

Capital growth (5yrs)

+29%

Property History

Listed for £300,000

April 26, 2024

Floor Plans

Description

  • No onward chain +
  • Cellar for conversion +
  • First floor bathroom +
  • Needs modernisation +
  • Huge potential +
  • Gas central heating +
  • Predominantly secondary glazed +
  • Period features +
  • Three reception rooms +

Situated close to the town centre and Christchurch Park is this Victorian townhouse with accommodation over two floors plus a cellar. It has a lovely town garden, parking to the front and a former stable/workshop to the rear with vehicular access.

Believed to originally date from around 1860 is this Grade II listed Victorian town house which has been in the same family ownership since 1938. It offers a superb opportunity to create a great home with parking to the front and potential garage/additional parking to the rear.

It lies a very short walk from an excellent local shopping parade and the town centre. This side of Christchurch Park is favoured by many commuters with easy access to Ipswich Station and the A12/A14.

The reception hall has stairs to the first floor and a rear lobby with window to the side, cupboard and doors off. The cellar has a 6ft ceiling height and brick floor, this could be converted to additional accommodation if required.

The sitting room has a window to the front, picture rail and gas fire with wood and tile surround. Adjacent is the dining room of similar proportion with window to the rear and a coal-effect gas fire with tiled surround and hearth. The breakfast room has a window to the side, built-in cupboard and an electric fire with pine surround. A door leads to the kitchen with window to the side and velux to the rear. There is a range of base and eye-level units, work tops, sink, plumbing for a washing machine and a gas fired boiler plus a stable door to the rear garden. Adjacent is an outside WC e.

The landing has an airing cupboard, access to the loft space and doors off to three double bedrooms, one at the front and two at the rear plus a bathroom with window to the front and a coloured suite of bath, basin and WC with half tiled walls.

Outside
To the front of the property is a tarmac driveway which provides parking for two vehicles and is enclosed by a low wall and hedging.

The rear garden measures approximately 75ft in length, has a concrete patio leading to paved and brick patio areas with inset and border shrubs plus trees. It is enclosed by traditional red brick walls and fencing.

To the rear of the garden is a former stable/workshop of red brick construction measuring approximately 18ft x 11ft with vehicular access onto Dykes Street at the rear.

Location

Berners Street is a highly sought-after location offering a mix of residential and commercial properties predominantly from the Georgian and Victorian eras. It lies a short walk from an excellent shopping parade and a mini supermarket. The town centre is on your doorstep with an abundance of shopping facilities, restaurants and bars whilst further south is the thriving Waterfront also with bars and restaurants. For the commuter Ipswich Mainline Station is within easy reach as is the A12/A14 and many popular schools are also within easy striking distance.

Directions

Please follow Satellite Navigation for IP1 3LU, when entering Berners Street from Civic Drive the property will be found on the right hand side approximately two thirds of the way along.

Important Information

Council Tax Band - E
Services – Mains water, drainage, gas and electric are connected.
Tenure - Freehold
EPC – tbc

Agent Details

Fenn Wright, Ipswich

01473 943943

Next Steps?

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