2 Bed Flat, Single Let, Ipswich, IP2 8JR, £100,000

Flat 8 163 Wherstead Road, Ipswich, IP2 8JR - 3 views - 10 months ago

Leasehold
BTL
ROI: 11%
~68 m²
+2 photos

ValuationUndervalued

Sold Prices£55K - £322.5K
Sold Prices/m²£1.5K/m² - £4.3K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.5K/m²

Value Estimate

£120,000
BMV20%

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£25,000

Stamp Duty & Legal Fees

£4,200

Total Cash In

£29,200

 

 

Cash Out

 

Rent Range

£650 - £2,600

Rent Estimate

£764

Running Costs/mo

£485

Cashflow/mo

£279

Cashflow/yr

£3,344

ROI

11%

Gross Yield

9%

Local Sold Prices

50 sold prices from £55K to £322.5K, average is £135K. £1.5K/m² to £4.3K/m², average is £2.2K/m².

PriceDateDistanceAddressBeds 
£110K10/210.06 mi25, Sinclair Drive, Ipswich, Suffolk IP2 8HZ2
£135K11/210.12 mi6, Bruff Road, Ipswich, Suffolk IP2 8GY2
£153.5K12/220.12 mi43, Bruff Road, Ipswich, Suffolk IP2 8GS2
£110K12/200.13 mi88, Bruff Road, Ipswich, Suffolk IP2 8GX2
£128K12/220.13 mi102, Bruff Road, Ipswich, Suffolk IP2 8GX2
£120K10/200.15 mi7, Croft Street, Ipswich, Suffolk IP2 8EB2
£123.5K04/210.29 mi32, Maidenhall Approach, Ipswich, Suffolk IP2 8NX2
£55K10/200.33 miFlat 17, Chilton Court, Belstead Avenue, Ipswich, Suffolk IP2 8NS2
£120K01/230.33 miFlat B, Chilton Court, Belstead Avenue, Ipswich, Suffolk IP2 8NS2
£137.5K04/230.33 mi31, Seymour Road, Ipswich, Suffolk IP2 8EN2
£108K11/210.38 mi88, Vernon Street, Ipswich, Suffolk IP2 8JB2
£320K04/210.39 mi155, Stoke Quay, Ipswich, Suffolk IP2 8SN2
£190.5K09/210.55 miFlat 3, Burlingham House, Ancaster Road, Ipswich, Suffolk IP2 9AJ2
£160K05/230.56 mi35, Sagehayes Close, Ipswich, Suffolk IP2 9SQ2
£140K11/210.6 mi239, Duke Street, Ipswich, Suffolk IP3 0BX2
£151.5K12/200.61 mi53, Pownall Road, Ipswich, Suffolk IP3 0DN2
£322.5K06/230.62 mi51, Neptune Square, Ipswich, Suffolk IP4 1QH2
£315K07/230.62 mi39, Neptune Square, Ipswich, Suffolk IP4 1QH2
£290K02/210.62 mi51, Neptune Square, Ipswich, Suffolk IP4 1QH2
£167K01/210.62 mi10, Neptune Square, Ipswich, Suffolk IP4 1QH2
£255K06/210.62 mi48, Neptune Square, Ipswich, Suffolk IP4 1QH2
£130K10/220.63 mi36, Hope Court, Ipswich, Suffolk IP3 0DX2
£138.5K10/220.63 mi19, Hope Court, Ipswich, Suffolk IP3 0DW2
£140K12/220.63 mi32, Siloam Place, Ipswich, Suffolk IP3 0FB2
£119K10/200.63 mi22, Siloam Place, Ipswich, Suffolk IP3 0FB2
£125.5K05/210.64 mi42, Siloam Place, Ipswich, Suffolk IP3 0FB2
£147K10/220.65 mi106, Siloam Place, Ipswich, Suffolk IP3 0FF2
£136K04/230.65 mi92, Siloam Place, Ipswich, Suffolk IP3 0FF2
£114K01/230.66 mi59, Siloam Place, Ipswich, Suffolk IP3 0FD2
£130K02/230.67 mi21, Isham Place, Ipswich, Suffolk IP3 0DY2
£110K06/210.67 mi1, Isham Place, Ipswich, Suffolk IP3 0DY2
£134K02/230.67 mi5, Isham Place, Ipswich, Suffolk IP3 0DY2
£125K06/210.67 mi6, Isham Place, Ipswich, Suffolk IP3 0DZ2
£120K04/210.67 mi56, Pownall Road, Ipswich, Suffolk IP3 0DR2
£128K07/210.67 mi64, Pownall Road, Ipswich, Suffolk IP3 0DR2
£130K11/200.67 mi48, Pownall Road, Ipswich, Suffolk IP3 0DR2
£128K07/210.67 mi64, Pownall Road, Ipswich, Suffolk IP3 0DR2
£135K05/230.67 mi46, Pownall Road, Ipswich, Suffolk IP3 0DR2
£133K09/220.67 mi93, Pownall Road, Ipswich, Suffolk IP3 0DA2
£135K04/230.68 mi58, Fore Hamlet, Ipswich, Suffolk IP3 8BD2
£118K06/210.68 mi32, Fore Hamlet, Ipswich, Suffolk IP3 8BD2
£150K02/210.69 mi72, Wolsey Street, Ipswich, Suffolk IP1 1AF2
£162.5K04/210.69 mi58, Wolsey Street, Ipswich, Suffolk IP1 1AF2
£170K06/210.69 mi54, Wolsey Street, Ipswich, Suffolk IP1 1AF2
£122.5K03/210.69 mi92, Wolsey Street, Ipswich, Suffolk IP1 1AF2
£161K09/210.77 mi15, St Nicholas Court, Ipswich, Suffolk IP1 1TG2
£218K11/200.77 mi18, Kirkham Close, Ipswich, Suffolk IP2 9BD2
£137K12/210.82 mi70, Compair Crescent, Ipswich, Suffolk IP2 0EH2
£135K02/230.82 mi58, Compair Crescent, Ipswich, Suffolk IP2 0EH2
£140K03/230.82 mi68, Compair Crescent, Ipswich, Suffolk IP2 0EH2

Local Rents

50 rents from £650/mo to £2.6K/mo, average is £950/mo.

RentDateDistanceAddressBeds 
£87504/240 miWherstead Road, Ipswich, Suffolk, IP22
£85006/240 miWherstead Road, Ipswich2
£90006/240.01 miWherstead Road, Ipswich, Suffolk, IP22
£65006/240.02 miApt Wherstead Road, Ipswich, IP22
£85008/240.02 miWherstead Road, Ipswich, IP22
£85008/240.02 miWherstead Road, Ipswich, IP22
£82506/240.02 miRapier Street, IP22
£85007/240.02 miRapier Street, Ipswich, IP22
£97504/240.06 mi-2
£97503/240.06 mi-2
£95008/240.09 miCowell Street, Ipswich, Suffolk, IP22
£95007/240.13 miBruff Road, Ipswich, Suffolk, IP22
£90008/240.13 miBruff Road, Ipswich2
£90004/240.15 miCroft Street, Ipswich, IP22
£1,00001/240.21 miHartley Street, Ipswich2
£1,10012/240.21 mi-2
£90004/240.22 miHartley Street, Ipswich, Suffolk, IP22
£1,10004/240.24 mi-2
£82508/240.24 miPauline Street, Ipswich, IP22
£2,60005/240.26 mi-2
£79506/240.26 miShelley Street, Ipswich, IP22
£1,10007/240.3 miMartin Road, Ipswich, IP22
£90004/240.32 miAustin Street, Ipswich, Suffolk2
£90005/240.32 miAustin Street, Ipswich, Suffolk2
£90006/240.32 miAustin Street, Ipswich, Suffolk2
£82501/240.33 miBelstead Avenue, Ipswich, Suffolk, IP22
£1,10008/240.37 miPhilip Road, IPSWICH2
£1,00007/240.39 miStoke Quay, IP22
£95008/240.39 miStoke Quay, Ipswich, IP22
£77509/240.4 mi-2
£92505/240.4 miStoke Street, IP2, Ipswich2
£98508/240.41 miStoke Quay, Ipswich2
£98509/240.41 miStoke Quay, Ipswich2
£1,10005/240.44 miPatteson Road, Ipswich2
£1,10005/240.44 miPatteson Road, IPSWICH2
£80004/240.46 miStokebridge Maltings, Ipswich, IP22
£1,15001/240.47 miAnchor Street, Ipswich, Suffolk, IP32
£99504/240.47 mi1 Anchor Street, Orwell Quay, Ipswich, IP32
£1,10012/240.47 mi-2
£1,10005/240.48 miAnchor Street, Ipswich2
£85012/240.48 mi-2
£95001/240.48 miAnchor Street, Ipswich2
£1,15004/250.49 mi-2
£1,25012/240.49 mi-2
£1,20012/240.49 mi-2
£1,20012/240.49 mi-2
£92504/240.5 miHeatherhayes, Ipswich, IP22
£89505/240.5 miHeatherhayes, Off Belstead Road, Ipswich, IP22
£1,60004/240.51 miThe Winerack, Penthouse Apartment2
£72509/240.52 miWherstead Road, Ipswich2

Local Area Statistics

Population in IP2

30,997

Population in Ipswich

219,393

Town centre distance

1 miles away

Nearest school

0.20 miles away

Nearest train station

0.62 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

-1%

Sales demand

Balanced market

Capital growth (5yrs)

+28%

Property History

Listed for £100,000

June 4, 2024

Floor Plans

Description

  • Allocated Parking +
  • Fitted Kitchen +
  • Two Double Bedrooms +
  • Viewing Strongly Recommended +
  • Virtual Tour Available +
  • Walking distance of excellent local amenities +
  • Walking Distance to Town Centre +
  • Well maintained throughout +

Potters Estate Agents offers a well-maintained, 2-bed third-floor flat at 163 Wherstead Road, Ipswich. Currently tenanted and mortgageable, it's ideal as a buy-to-let or for vacant possession.

The apartment features two double bedrooms, an open-plan modern living area with a fitted kitchen, a balcony, and a bathroom. It benefits from electric underfloor heating, double glazing, included white goods, a security entrance, and allocated parking (under a separate lease). Access is available via a lift or stairs.

Located on the south side of Ipswich, this property is close to the popular Marina area, local shops, and amenities. It is within walking distance of the town centre and railway station, with easy access to the main A12 trunk road.

Agent's Note:

The vendor has provided the following information:

The property is under the management of Encore Estate Management Ltd, registered in England, part of the Encore Property Management Group.

Service Charge: Approximately £3000 total per year, paid every six months (£1,522.85, paid until the end of June 2024)
Freeholder: Freehold Managers Ltd
Flat Lease: Ground Rent: £300 per year
Car Park Lease: Ground rent £60 per year
Lease Period: 1st Jan 2004 - 31st Dec 2023 (99 years remaining)
Council Tax: Band B

Current Tenant is paying £764pcm Jan 2024 - Dec 2024

This flat presents an excellent investment opportunity or a comfortable home in a sought-after location.

Agent notes:

Town: The county town of Ipswich is served by a wide range of local amenities including schools, University, shops, doctors, dental surgeries, hospital, two theatres, parks, recreational facilities and mainline railway station providing direct links to London Liverpool Street Station. The town has also undergone an extensive rebuilding around the vibrant waterfront which now has some lovely bars and restaurants.

Education: There is a wide selection of Good Ofsted rated state schools and closely followed by Ipswich private school for all age groups.

Access: The A14 and A12 is easily accessed, linking and giving excellent access across the region. A12 connecting to Colchester, Chelmsford and Stansted Airport and beyond, A14 connecting to Bury St Edmunds, Cambridge and The Midlands.

Transport: Derby Railway Station linking to Ipswich Railway Station which provides excellent rail links to Norwich and Liverpool Street Station. The journey time from Ipswich of approximately 1 hour and 10 minutes. Greater Anglia have announced the launch of a direct rail services running to London Liverpool Station.

Local Authority: Ipswich Borough Council

Council Tax Band: At the time of instruction the council tax band for this property is Band B.

Services: Mains electricity, sewerage and water connected.

Money Laundering Regulations: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

Disclaimer
1. While Potter's Estate Agents endeavour to make our sales particulars fair, accurate and reliable they are only a general guide to the property and accordingly. If there is any point which is of particular importance to you, please contact the office and we will be happy to check the position for you.
2. Potters draft particulars are drafted on an "as is" basis approved by the client we represent. We cannot guarantee that accuracy of the information disclosed or give any warranty as to suitability, fitness for purpose, completeness, or that any content is free of omissions or errors.
3. A buyer is advised to obtain verification from their Solicitor in all circumstances. Potters will not be liable for any legal expenses incurred without written permission in advance by the controlling directors.
4. The measurements indicated are supplied for guidance only and cannot guarantee the accuracy of any description, dimensions, references to conditions, necessary permissions for use and occupancy and other details contained herein. The prospective purchasers or tenants must not rely on them as statements of fact and must satisfy themselves as to their accuracy.
5. Potter's Estate Agents act on an "arm's length" basis. We do not have any authority to make or give any representation or warranty or enter any contract whatever in relation to the property.
6. Services: Please note we have not tested the services or any of the equipment or appliances in this property. We strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
7. Potter's Estate Agents will not be liable for any loss arising from the use of these particulars. We have not tested any apparatus, equipment, fixtures and fittings sand therefore cannot verify that they are in working order or fit for the purpose.
8. Potters are not solicitors and cannot give legal or financial advice. We will not be liable for any legal or conveyancing cost if information is revealed by searches etc' that leads to the sale collapsing.
9. The prospective purchasers or tenants must not rely on the particulars as statements of fact or representations and must satisfy themselves as to their accuracy.
10. Photographs will only show certain parts of the property and assumptions should not be made in respect of those parts of the property that have not been photographed. (Items or contents shown in the photographs are not included as part of the sale unless specified otherwise) It should not be assumed the property will remain as shown in the photograph. Photographs are taken using a wide-angle lens.

Council Tax Band: B (Ipswich Borough Council)
Tenure: Leasehold (119 years)
Ground Rent: £300 per year
Service Charge: £3,000 per year
(Approximately £3000 total per year, paid every six months-£1,522.85 paid until the end of June 2024)

Agent Details

Potter's Estate Agents, Woodbridge

01394 331670

Next Steps?

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