3 Bed Bungalow, Refurb/BRRR, Louth, LN11 7SE, £270,000

Grey Fleet Bank, Saltfleet, Louth, LN11 7SE - 9 months ago

Sold STC
Cash
Refurb/BRRR
~117 m²
+29 photos

ValuationFair Value

Sold Prices£182K - £400K
Sold Prices/m²£2.1K/m² - £3.9K/m²

 

 

Square Metres

~116.90 m²
Price/m²£2.3K/m²

Value Estimate

£273,110

 

 

End Value (After Refurb)

£265,948

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£67,500

Stamp Duty & Legal Fees

£18,200

Refurb Costs

£47,390

Bridging Loan Interest

£7,088

Total Cash In

£141,928

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£265,948

Mortgage (After Refinance)

£199,461

Mortgage LTV

75%

Cash Left In

£141,928

Equity

£66,487

Rent Range

£650 - £725

Rent Estimate

£690

Running Costs/mo

£989

Cashflow/mo

£-299

Cashflow/yr

£-3,589

Gross Yield

3%

Local Sold Prices

11 sold prices from £182K to £400K, average is £260K. £2.1K/m² to £3.9K/m², average is £2.4K/m².

PriceDateDistanceAddressBeds 
£400K11/230.26 miConifer Drive, Main Road, Saltfleet, Louth, Lincolnshire LN11 7SB3
£292.5K04/210.51 miSea View House, The Hill, Saltfleet, Louth, Lincolnshire LN11 7RJ3
£350K07/230.53 miMorning Light, Main Road, Saltfleet, Louth, Lincolnshire LN11 7RN3
£220K02/230.74 miRedcote, Warren Road, Saltfleet, Louth, Lincolnshire LN11 7RU3
£255K11/232.28 miThe Retreat, Main Road, Saltfleetby, Louth, Lincolnshire LN11 7SN3
£231K02/212.59 miNewfoundland, Howdales, South Cockerington, Louth, Lincolnshire LN11 7DJ3
£281K01/242.7 miPeartree Cottage, Louth Road, South Somercotes, Louth, Lincolnshire LN11 7BW3
£306.5K12/222.7 miSpring Cottage, Louth Road, South Somercotes, Louth, Lincolnshire LN11 7BW3
£260K09/212.85 mi37, Woolpack Meadows, North Somercotes, Louth, Lincolnshire LN11 7QG3
£210K06/232.85 mi32, Woolpack Meadows, North Somercotes, Louth, Lincolnshire LN11 7QG3
£182K02/212.94 miThe Old Mill, Willerton Road, North Somercotes, Louth, Lincolnshire LN11 7NH3

Local Rents

3 rents from £650/mo to £725/mo, average is £695/mo.

RentDateDistanceAddressBeds 
£65006/240.63 mi-2
£69501/250.67 mi-2
£72501/250.67 mi-2

Local Area Statistics

Population in LN11

28,179

Population in Louth

28,197

Town centre distance

8.50 miles away

Nearest school

2.50 miles away

Nearest train station

13.51 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+12%

Sales demand

Buyer's market

Capital growth (5yrs)

+9%

Property History

Price changed to £270,000

February 24, 2025

Listed for £295,000

July 3, 2024

Floor Plans

Description

  • Detached bungalow +
  • Three bedrooms +
  • Bathroom +
  • Kitchen/breakfast room +
  • Dining room +
  • Conservatory +
  • Reception room +
  • Pantry/utility area +
  • Well established gardens +
  • No onward chain +

It is a pleasure for Choice Properties to bring to the market this most spacious three bedroom detached bungalow situated in the quiet village of Saltfleet, a short distance from the Georgian market town of Louth and the golden sandy beaches at Mablethorpe. Boasting beautiful open views to the rear this characterful bungalow sits on a sizeable plot in total measuring approximately 0.3 acres (STS) as well as offering a generously proportioned layout.
This special property requires modernisation giving any prospective buyer the opportunity to put their own stamp on it.

Undercover entrance with tiled flooring providing doors to the boiler room and WC and front door leading in to:

Kitchen/Breakfast Room - 3.02m x 3.63m (9'11" x 11'11") - Fitted with base units and worktop over, one bowl stainless steel sink with drainer and mixer tap, space for a freestanding electric cooker, plumbing for a washing machine, part tiling to the walls and doors leading to:

Utility Area/Pantry - 2.71m x 1.41m (8'11" x 4'8") - Fitted with shelving for storage, quarry floor tiling, the wall mounted thermostat and a space for freestanding fridge/freezer.

Dining Room - 3.63m x 3.63m (11'11" x 11'11") - Providing ample space for a dining table, a telephone point and double opening doors leading to:

Conservatory - 3.63m x 2.73m (11'11" x 8'11") - Benefiting from triple aspect windows, a polycarbonate apex roof, two wall lights and double opening 'French' doors to the garden.

Reception Room - 4.83m x 3.66m (15'10" x 12'0") - Light and airy reception room benefiting from a bow window to front aspect and fitted with a TV aerial, wooden flooring and a log burning stove set on a slate hearth.

Bedroom 2 - 3.63m x 3.62m (11'11" x 11'11") - Spacious double bedroom featuring a cupboard housing the wall mounted consumer unit.

Inner Hallway - 1.82m x 3.66m (6'0" x 12'0") - With laminate flooring, a double fitted storage cupboard and doors to:

Bedroom 1 - 3.35m x 5.52m (11'0" x 18'1") - Spacious double bedroom with laminate flooring.

Bedroom 3 - 3.02m x 3.62m (9'11" x 11'11") - Double bedroom with laminate flooring.

Bathroom - 2.71m x 2.76m (8'11" x 9'1") - Fitted with a four piece suite comprising a cladded bath tub with mixer tap and shower attachment, shower cubicle with electric 'Newlex Calypso Plus' shower over, pedestal hand wash basin with single hot and cold taps and WC with cistern lever, tiled walls, tiled flooring and loft access.

Boiler Room - 1.70m x 0.89m (5'7" x 2'11") - Housing the floor standing 'Warmflow' oil fired boiler.

Wc - 1.70m x 0.98m (5'7" x 3'3") - Fitted with a WC with push button flush, a wall mounted hand wash basin with single hot and cold taps, heated towel rail and tiled flooring and tiling to the walls.

Driveway - Paved driveway providing off road parking for two vehicles.

Garage - With double opening timber doors.

Outbuilding - 2.57m x 3.76m (8'05" x 12'04") - With power and lighting, a timber entrance door and a polycarbonate window.

Garden - Well tended and established gardens surround the bungalow, mainly laid to lawn with hedging to the boundaries. The garden features planter beds as well as an array of well established plants and shrubs. The beautifully presented gardens additionally benefit from a brick built greenhouse, a paved patio seating area and open rural views to the rear.

Tenure - Freehold.

Viewing Arrangements - By appointment through Choice Properties on .

Opening Hours - Monday to Friday 9.00am to 5.00pm
Saturday 9.00am - 3.00pm

Making An Offer - If you are interested in making an offer on this property please have a chat with us and we will be happy to start the negotiations for you. Under money laundering regulation we will ask you to provide us with formal photographic ID by way of either a passport or driving licence. If you are travelling from afar we would advise bringing this documentation with you just in case this home is perfect for you.
We would also like to make you aware that we will require details of your estate agents, proof of funds should you be a cash buyer and solicitors details, as this helps us to start the transaction quickly for you.

Council Tax Band - Local Authority - East Lindsey District Council,
The Hub,
Mareham Road,
Horncastle,
Lincolnshire,
LN9 6PH
Tel. No.
Website:

Council Tax Band - According to the Valuation Office Agency Website the property is currently in Council Tax Band C.

Agent Details

Choice Properties, Louth

01507 308529

Next Steps?

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