2 Bed Terraced House, Refurb/BRRR, Grimsby, DN32 9BP, £40,000

58 Willmington Street, DN32, Grimsby, DN32 9BP - 4 views - 6 months ago

Sold STC
Auction
Refurb/BRRR
ROI: 7%
~73 m²
+7 photos

ValuationUndervalued











Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£10,000

Stamp Duty & Legal Fees

£1,200

Refurb Costs

£29,304

Bridging Loan Interest

£1,050

Total Cash In

£43,304

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£57,683

Mortgage (After Refinance)

£43,262

Mortgage LTV

75%

Cash Released

£13,262

Cash Left In

£30,042

Equity

£14,421

Rent Range

£425 - £1,970

Rent Estimate

£569

Running Costs/mo

£314

Cashflow/mo

£255

Cashflow/yr

£3,059

ROI

7%

Gross Yield

17%













Local Rents

43 rents from £425/mo to £2K/mo, average is £550/mo.

RentDateDistanceAddressBeds 
£48003/240.04 miWillingham Street, Grimsby2
£48003/240.04 miWillingham Street, Grimsby2
£49003/240.08 miHainton Avenue, Grimsby, DN322
£49503/240.08 miHainton Avenue, Grimsby, DN322
£60003/240.12 miHeneage Road, Grimsby2
£51003/240.17 miHeneage Road, Grimsby2
£65003/240.19 miHeneage Road, Grimsby, DN322
£56009/240.31 mi-2
£52509/230.33 mi-2
£52509/230.33 mi-2
£52511/240.35 mi-2
£59503/240.35 miLadysmith Road, Grimsby, DN322
£42503/240.35 miTasburgh Street, Grimsby, DN322
£60003/240.36 mi-2
£60003/240.36 mi-2
£60003/240.36 mi-2
£1,97001/250.37 mi-2
£49503/240.37 miJulian Street, Grimsby2
£59001/240.37 mi-2
£47503/240.39 miWintringham Road, Grimsby2
£55004/240.39 miWeelsby Street, Grimsby, Lincolnshire, DN322
£55004/240.41 miWintringham Road, Grimsby, North East Lincs, DN322
£49501/240.43 mi-2
£59503/240.43 miVictoria Court,Grimsby2
£55001/250.44 mi-2
£52512/240.44 mi-2
£52512/240.44 mi-2
£59503/240.46 miVictoria Wharf, Grimsby, DN312
£57508/240.46 mi-2
£58001/240.47 mi-2
£59510/240.47 mi-2
£85004/240.48 miMacaulay Park, Grimsby, DN312
£85004/240.48 miMacaulay Park, Grimsby, DN312
£48003/240.49 miWelholme Road, Grimsby2
£67503/240.49 miAbbey Road, Grimsby, DN322
£55003/240.5 miWellowgate Mews, Grimsby2
£49508/230.54 mi-2
£49503/240.54 mi-2
£49503/240.54 mi-2
£59504/240.58 mi-2
£67503/240.62 miAbbey Park Mews, Grimsby, Lincolnshire, DN322
£62007/230.62 mi-2
£65004/240.62 miWaterside Drive, Grimsby2

Local Area Statistics

Population in DN32

29,050

Population in Grimsby

124,581

Town centre distance

0.92 miles away

Nearest school

0.20 miles away

Nearest train station

0.45 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+5%

Sales demand

Buyer's market

Capital growth (5yrs)

+6%

Property History

Listed for £40,000

July 19, 2024

Floor Plans

Description

ATTENTION INVESTORS If you are looking to start or expand your property portfolio you should take a closer look at this end of terrace house that has been converted to provide two, one-bedroom flats.  The property would now benefit from some TLC in the form of a manageable renovation project, upon completion of which you will have two letting units producing a good return on investment.

Location Willmington Street is a great location to access Grimsby and Cleethorpes for exceptional Schools, Shopping Centres, and so many local amenities, including great local nightlife and restaurants. Good access to the M180 motorway links across to Hull, Lincoln, Doncaster and Leeds.  **Accommodation ** Ground Floor Flat Kitchen, Shower Room, Living Room, Bedroom First Floor Flat Entrance lobby on the ground floor, Living room, Bedroom, Kitchen, Bathroom. Outside Small forecourt and yard. Tenure: Freehold with vacant possession upon completion. **Services:  **Mains water, electricity, gas  & drainage are believed to be connected.  None of the services have been tested. **Council Tax:  **Council Tax is payable to the North East Lincolnshire Council. The flats are shown in the Council Tax Property Bandings List in Valuation Band A. **Viewing: **Strictly by appointment through our Beverley Office on .  Method of Sale The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 22nd July 2024 and closing on Wednesday 24th July at 1.00pm. For further legal information relating to this lot please log on to auctionhouse.co.uk/hullandeastyorkshire. Conditions of Sale The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and on-line at auctionhouse.co.uk/hullandeastyorkshire prior to the date of the auction. Additional Fees The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) and a buyer’s premium of 1.2% of the hammer price (1% plus VAT) subject to a minimum of £900 (£750 + VAT) in addition to the purchase price of the property. Guide Price Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide. Disbursements Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion. Solicitor Squire Patton Boggs (UK) LLP, Rutland House, Birmingham, B3 2JR.  Telephone:  .  Email:  katie. Online bidding If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c

Construction materials used: Brick and block.

Roof type: Concrete roof tiles.

Water source: Direct mains water.

Electricity source: National Grid.

Sewerage arrangements: Standard UK domestic.

Agent Details

Auction House, Driffield

01377 310913

Next Steps?

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