Potential 4-Bed HMO, Worcester, WR2 5BL, £260,000

47 Nelson Road, Worcester, WR2 5BL - 1 views - 9 months ago

Sold STC
HMO
Cash
ROI: 3%
~131 m²
+6 photos

ValuationFair Value

Sold Prices£152K - £415K
Sold Prices/m²£1.5K/m² - £4.5K/m²

 

 

Square Metres

~130.70 m²
Price/m²£2K/m²

Value Estimate

£260,000

 

 

End Value (After Refurb)

£309,401

Uplift in Value

+19%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£65,000

Stamp Duty & Legal Fees

£17,200

Refurb Costs

£51,665

Bridging Loan Interest

£6,825

Total Cash In

£142,440

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£309,401

Mortgage (After Refinance)

£232,051

Mortgage LTV

75%

Cash Released

£37,051

Cash Left In

£105,389

Equity

£77,350

Room Rate

£563

Gross Rent

£2,252

Running Costs/mo

£1,919

Cashflow/mo

£333

Cashflow/yr

£3,996

ROI

3%

Gross Yield

10%

Local Sold Prices

50 sold prices from £152K to £415K, average is £257K. £1.5K/m² to £4.5K/m², average is £2.9K/m².

PriceDateDistanceAddressBeds 
£167K02/210.02 mi69, Nelson Road, Worcester, Worcestershire WR2 5BL3
£325K08/230.09 mi9, Bromyard Road, Worcester, Worcestershire WR2 5BS3
£245K06/230.09 mi11, Bromyard Road, Worcester, Worcestershire WR2 5BS3
£206K03/210.14 mi78, Comer Road, Worcester, Worcestershire WR2 5HY3
£355K02/230.15 mi4, Blakefield Gardens, Worcester, Worcestershire WR2 5DS3
£265K10/220.17 mi23, Graham Road, Worcester, Worcestershire WR2 5AW3
£370K01/210.17 mi21a, Bromyard Road, Worcester, Worcestershire WR2 5BZ3
£330K08/230.17 mi71, Bromyard Road, Worcester, Worcestershire WR2 5BZ3
£250K03/230.17 mi13, Graham Road, Worcester, Worcestershire WR2 5AW3
£322K08/210.18 mi90, Comer Road, Worcester, Worcestershire WR2 5HY3
£295.3K11/210.18 mi94, Comer Road, Worcester, Worcestershire WR2 5HY3
£378K05/230.18 mi63, Comer Road, Worcester, Worcestershire WR2 5HY3
£310K04/230.19 mi4, Mcintyre Road, Worcester, Worcestershire WR2 5LG3
£208.5K01/210.19 mi21, Mcintyre Road, Worcester, Worcestershire WR2 5LG3
£250K03/210.19 mi2, Mcintyre Road, Worcester, Worcestershire WR2 5LG3
£258K01/230.19 mi8, Graham Road, Worcester, Worcestershire WR2 5AW3
£220K11/200.2 mi3, Wheeler Close, Worcester, Worcestershire WR2 5PH3
£256K06/230.2 mi6, Wheeler Close, Worcester, Worcestershire WR2 5PH3
£390K02/230.2 mi12, Bromwich Lane, Worcester, Worcestershire WR2 4BH3
£170K12/200.21 mi11, Blakefield Road, Worcester, Worcestershire WR2 5DR3
£152K01/210.22 mi29, Bransford Road, Worcester, Worcestershire WR2 4EW3
£270K04/230.23 mi30, Bromwich Road, Worcester, Worcestershire WR2 4AA3
£270K03/210.23 mi30, Bromwich Road, Worcester, Worcestershire WR2 4AA3
£216K11/200.23 mi7, Buck Street, Worcester, Worcestershire WR2 5LL3
£169K11/200.24 mi3, Blakefield Walk, Worcester, Worcestershire WR2 5DW3
£197K07/210.25 mi4, Abbey Close, St Johns, Worcester, Worcestershire WR2 4HR3
£295K03/210.26 mi77, Mcintyre Road, Worcester, Worcestershire WR2 5LQ3
£178.4K11/200.26 mi22, Westbourne Close, Worcester, Worcestershire WR2 5NU3
£227.5K12/230.28 mi5, Sinton Terrace, Worcester, Worcestershire WR2 5JZ3
£220K03/210.28 mi15, Sinton Terrace, Worcester, Worcestershire WR2 5JZ3
£276K05/210.29 mi60, Greathouse Road, Worcester, Worcestershire WR2 4HU3
£210K03/210.29 mi13, Greathouse Road, Worcester, Worcestershire WR2 4HU3
£363.8K04/230.29 mi20, Laugherne Road, Worcester, Worcestershire WR2 5LS3
£275K01/210.29 mi10, Laugherne Road, Worcester, Worcestershire WR2 5LS3
£220K01/240.29 mi67, Blakefield Road, Worcester, Worcestershire WR2 5DP3
£215.5K09/230.31 mi11, Happy Land West, Worcester, Worcestershire WR2 5DQ3
£223K10/230.31 mi10, Arrowsmith Avenue, Worcester, Worcestershire WR2 5JA3
£220K06/230.31 mi7, Arrowsmith Avenue, Worcester, Worcestershire WR2 5JA3
£360K03/230.32 mi141a, Comer Road, Worcester, Worcestershire WR2 5JD3
£212K10/210.33 mi24, Middle Road, Worcester, Worcestershire WR2 4HT3
£290K11/200.34 mi10, Withers Road, Worcester, Worcestershire WR2 4AG3
£340K11/200.34 miThe Cottage, 19, Bedwardine Road, Worcester, Worcestershire WR2 4HZ3
£415K09/210.34 mi3, Homefield Road, Worcester, Worcestershire WR2 4AQ3
£325K02/210.34 mi2, Homefield Road, Worcester, Worcestershire WR2 4AQ3
£215K05/210.35 mi35, Windsor Avenue, Worcester, Worcestershire WR2 5LZ3
£265K06/230.35 mi65, Windsor Avenue, Worcester, Worcestershire WR2 5LZ3
£370K11/230.35 mi107, Laugherne Road, Worcester, Worcestershire WR2 5LY3
£237.5K01/210.36 mi65, Henwick Road, Worcester, Worcestershire WR2 5NY3
£255K02/210.36 mi115, Bransford Road, Worcester, Worcestershire WR2 4ET3
£287K06/210.38 mi51, Henwick Road, Worcester, Worcestershire WR2 5NY3

Local Area Statistics

Population in WR2

29,799

Population in Worcester

142,140

Town centre distance

0.89 miles away

Nearest school

0.30 miles away

Nearest train station

0.72 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

-23%

Sales demand

Balanced market

Capital growth (5yrs)

+19%

Property History

Price changed to £260,000

December 5, 2024

Price changed to £270,000

November 8, 2024

Listed for £290,000

July 26, 2024

Floor Plans

Description

  • A classic and inviting family home filled with potential +
  • Previously used as a house of multiple occupancy offering flexible living arrangements or investment potential +
  • Situated in a sought-after neighbourhood with excellent amenities and convenient transport links +
  • Charming period features throughout adding unique character +
  • Spacious dining room with a bay window that fills the space with natural light +
  • Large kitchen with generous space for dining +
  • ideal for family meals and gatherings +
  • Three double bedrooms provide comfortable accommodation for all family members +
  • Potential to enhance the bathroom with modern updates offering an opportunity to add value +
  • Off-street parking for multiple vehicles +

A traditional family home situated in the sought-after St. John’s area, known for its convenient location and amenities.

The kitchen
This spacious and well-lit room features dual-aspect windows at the rear and side, welcoming natural light. A part-glazed door provides convenient access to the garden. Integrated appliances include an oven, hob and extractor hood. There is also space for a washing machine, dryer and dishwasher.

As you enter the kitchen, there is ample space for a dining table and chairs, further enhancing the functionality of this space.
Additionally, a door from the kitchen leads down to the cellar, offering a practical storage area and a utility room equipped with base units, space for appliances and a rear-facing window.

The living room
Adjacent to the dining room and accessible from the hallway, the living room boasts high ceilings, dado rails, laminate flooring and a cosy fireplace with surround. A rear-facing window and a door leading to the kitchen/dining room complete this inviting space.

The dining room
The well-proportioned dining room is currently utilised as a bedroom, this space features a large walk-in bay window at the front, allowing an abundance of natural light to fill the room. Additional features include high ceilings, detailed cornices, dado rails and a fireplace surround, enhancing the room’s character.

The primary bedroom
Light and spacious, the master bedroom is a generous double room situated at the front of the property. It offers ample space for freestanding wardrobes and features two windows overlooking the front, filling the room with natural light.

The second bedroom
This double bedroom overlooks the rear garden and features a large window that fills the room with natural light.

The third bedroom
Also overlooking the garden, bedroom three features a large window ensuring the space in bright and airy, with room for a double bed.

The bathroom
Servicing all three double bedrooms, the house bathroom features a low-level WC, washbasin and a bath with shower. While functional, the bathroom would benefit from modernisation, offering an opportunity to create a more contemporary and stylish space.

The garden
This private rear garden offers a spacious outdoor area, ideal for family living. It includes a brick garden store, perfect for keeping gardening tools and equipment. Additionally, there is a concreted area, which provides an ideal spot for housing a shed or additional storage. The garden is enclosed by a combination of panel fencing and brick walls, ensuring privacy and security.

St. John’s, Worcester, is a highly sought-after area known for its charming character and vibrant community atmosphere. Located just a short distance from Worcester city centre, St. John’s offers a perfect blend of suburban tranquillity and urban convenience.

The area boasts excellent transport links, making it ideal for commuters. Regular bus services connect St. John’s to the city centre and surrounding areas, while Worcester Foregate Street and Worcester Shrub Hill railway stations provide easy access to Birmingham, London and other major cities. The nearby M5 motorway ensures convenient road travel for longer journeys.

Residents of St. John’s enjoy a wide range of amenities, including shops, cafés, restaurants and pubs. The area is well-served by reputable schools, healthcare facilities and recreational spaces, such as Cripplegate Park. With its strong sense of community and comprehensive amenities, St. John’s remains a popular choice for families, professionals, and retirees alike.

This property benefits from mains gas, water, electricity and drainage.
Broadband is also available at this property. Agent’s note This property was previously utilised as a house of multiple occupancy.

Council tax band C

Reservation Fee - refundable on exchange

A reservation fee, refundable on exchange, is payable prior to the issue of the Memorandum of Sale and after which the property may be marked as Sold Subject to Contract. The fee will be reimbursed upon the successful Exchange of Contracts.

The fee will be retained by Andrew Grant in the event that you the buyer withdraws from the purchase or does not Exchange within 6 months of the fee being received other than for one or more of the following reasons:

1. Any significant material issues highlighted in a survey that were not evident or drawn to the attention of you the buyer prior to the Memorandum of Sale being issued.
2. Serious and material defect in the seller’s legal title.
3. Local search revealing a matter that has a material adverse effect on the market value of the property that was previously undeclared and not in the public domain.
4. The vendor withdrawing the property from sale.

The reservation fee will be 0.5% of the accepted offer price for offers below £800,000 and 1% for offers of £800,000 or over. This fee, unless specified otherwise, is payable upon acceptance by the vendor of an offer from a buyer and completion of an assessment of the buyer’s financial status and ability to proceed.

Should a buyer’s financial position regarding the funding of the property prove to be fundamentally different from that declared by the buyer when the Memorandum of Sale was completed, then the Vendor has the right to withdraw from the sale and/or the reservation fee retained. For example, where the buyer declares themselves as a cash buyer but are in fact relying on an unsecured sale of their property.

Once the reservation fee has been paid, any renegotiation of the price stated in the memorandum of sale for any reason other than those covered in points 1 to 3 above will lead to the reservation fee being retained. A further fee will be levied on any subsequent reduced offer that is accepted by the vendor. This further fee will be subject to the same conditions that prevail for all reservation fees outlined above.

Agent Details

Andrew Grant, Covering the West Midlands

01905 673182

Next Steps?

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