5 Bed Terraced House, Refurb/BRRR, Morecambe, LA3 1SH, £130,000

Westminster Road, Morecambe, Lancashire, LA3 1SH - 14 views - 9 months ago

Refurb/BRRR
ROI: 2%
~142 m²
+3 photos

ValuationOvervalued

Sold Prices£81.5K - £670K
Sold Prices/m²£622/m² - £2.5K/m²

 

 

Square Metres

~142.20 m²
Price/m²£914/m²

Value Estimate

£124,098

 

 

End Value (After Refurb)

£173,225

Uplift in Value

+33%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£32,500

Stamp Duty & Legal Fees

£5,100

Refurb Costs

£57,492

Bridging Loan Interest

£3,413

Total Cash In

£100,254

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£173,225

Mortgage (After Refinance)

£129,919

Mortgage LTV

75%

Cash Released

£32,419

Cash Left In

£67,835

Equity

£43,306

Rent Range

£750 - £1,550

Rent Estimate

£957

Running Costs/mo

£753

Cashflow/mo

£204

Cashflow/yr

£2,451

ROI

2%

Gross Yield

9%

Local Sold Prices

22 sold prices from £81.5K to £670K, average is £210K. £622/m² to £2.5K/m², average is £953/m².

PriceDateDistanceAddressBeds 
£98K10/210.02 mi153, Westminster Road, Morecambe, Lancashire LA3 1SJ5
£158K06/230.02 mi125, Westminster Road, Morecambe, Lancashire LA3 1SJ5
£237.5K06/230.02 mi127, Chatsworth Road, Morecambe, Lancashire LA3 1BL5
£205K01/230.08 mi121, Westminster Road, Morecambe, Lancashire LA3 1SG5
£172K07/210.09 mi73, Clarendon Road West, Morecambe, Lancashire LA3 1QY5
£431K05/230.14 mi29, Marine Road West, Morecambe, Lancashire LA3 1BY5
£115K03/210.16 mi68, Sefton Road, Heysham, Morecambe, Lancashire LA3 1UB5
£88K11/200.27 mi18, Westminster Road, Morecambe, Lancashire LA4 4JB5
£255K11/200.29 mi33, Sandylands Promenade, Heysham, Morecambe, Lancashire LA3 1DN5
£235K06/210.31 mi6, Highfield Crescent, Morecambe, Lancashire LA4 4DH5
£270K05/210.32 mi17, Albany Road, Morecambe, Lancashire LA4 4JY5
£420K01/230.42 mi45, St Johns Road, Heysham, Morecambe, Lancashire LA3 1EX5
£175K12/200.5 mi29, Norton Road, Heysham, Morecambe, Lancashire LA3 1HA5
£215K04/230.54 mi215, Heysham Road, Heysham, Morecambe, Lancashire LA3 1NN5
£340K01/230.61 mi81, Norton Road, Heysham, Morecambe, Lancashire LA3 1PG5
£174.5K11/200.62 mi2, Drewton Avenue, Heysham, Morecambe, Lancashire LA3 1NU5
£580K03/210.77 mi274, Heysham Road, Heysham, Morecambe, Lancashire LA3 1PZ5
£670K09/220.8 mi4, The Cliffs, Heysham, Morecambe, Lancashire LA3 1NY5
£81.5K11/210.83 mi202, Euston Grove, Morecambe, Lancashire LA4 5LJ5
£250K08/210.9 mi30, Cathedral Drive, Heaton With Oxcliffe, Morecambe, Lancashire LA3 3RE5
£137.5K11/210.97 mi32, Clarence Street, Morecambe, Lancashire LA4 5EX5
£137K02/210.99 mi15, Green Street, Morecambe, Lancashire LA4 5HN5

Local Rents

20 rents from £750/mo to £1.6K/mo, average is £925/mo.

RentDateDistanceAddressBeds 
£75012/230.05 mi-3
£95005/240.15 miClarendon Road, Morecambe3
£95008/240.15 miChatsworth Road, Morecambe, Lancashire, LA43
£77507/240.16 miBalmoral Road, Morecambe, Lancashire, LA43
£89908/240.17 miAlbert Road, Morecambe, Lancashire, LA43
£89908/240.17 miAlbert Road, Morecambe, Lancashire, LA43
£95008/240.18 miChatsworth Road, Morecambe, Lancashire, LA43
£95008/240.18 miChatsworth Road, Morecambe, Lancashire, LA43
£99505/240.2 miWest End4
£75005/240.2 miWest End, Morecambe, LA43
£75005/240.2 miWest End, Morecambe, LA43
£89505/240.26 miHampton Road, Heysham3
£1,55003/240.27 mi-8
£1,20006/240.27 mi-8
£1,25007/240.27 miWestminster Road, Morecambe5
£82507/240.28 miHampton Road, Heysham, Morecambe4
£95004/240.33 miCumberland View Road, Heysham, Morecambe3
£1,25012/230.37 mi-4
£75002/240.55 mi-3
£85004/240.59 miWoodlands Drive, Heysham, Morecambe3

Local Area Statistics

Population in LA3

24,587

Population in Morecambe

50,836

Town centre distance

0.94 miles away

Nearest school

0.10 miles away

Nearest train station

0.64 miles away

 

 

Rental growth (12m)

-2%

Sales demand

Buyer's market

Capital growth (5yrs)

+31%

Property History

Listed for £130,000

July 5, 2024

Sold for £80,000

2011

Sold for £20,000

2002

Floor Plans

Description

  • Five bedroom mid terrace +
  • Study Room +
  • Basement +
  • Large yard +
  • On Street parking +
  • In need of renovation +
  • Tenant in situ currently paying £552 and would like to stay +

Calling all investors! We are thrilled to present this incredible investment opportunity to the market. This spacious five-bedroom mid-terrace property spans over four floors and is in need of renovation. There is currently a tenant in situ and ideally would like to remain.

The accommodation is gas central heated, fully double glazed and briefly comprises:

As you step into the property, you'll be greeted by a welcoming vestibule that leads into a generously sized entrance hall. The ground floor boasts a living room with a bay window, spacious dining room and kitchen with access to the basement.

Moving up to the first floor, you'll find three well-proportioned double bedrooms, providing comfortable living spaces. There is also a convenient WC on this floor, ensuring functionality and practicality.

Ascending to the second floor, you'll discover two additional double bedrooms. A study room is also available, providing a dedicated space for work or study. Completing the second floor is the family bathroom.

Externally, the property features on-street parking to the front, ensuring ease of access for both residents and visitors. To the rear, a large yard awaits, providing potential for outdoor activities and further enhancement.

The property is located on Westminster Road and has easy access to a range of nearby amenities which include shops, services, schools and a short walk away from the stunning Morecambe Bay views and across to the Lake District. Good local bus links and Morecambe railway station provide good access to nearby Lancaster city. The confirmation of the arrival of the Eden Project has made this a great time to buy in this location.

Freehold
Council Tax Band - B

Agent Details

Entwistle Green, Morecambe

01524 967563

Next Steps?

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