2 Bed Semi-Detached House, Refurb/BRRR, Alston, CA9 3PX, £320,000

Wardway Foot, Nenthead, Alston, Cumbria, CA9 3PX - 5 views - 8 months ago

Refurb/BRRR
ROI: 7%
~68 m²
+25 photos

ValuationOvervalued

Sold Prices£96K - £165K
Sold Prices/m²£1.2K/m² - £2K/m²

 

 

Square Metres

~68.11 m²
Price/m²£4.7K/m²

Value Estimate

£107,398

 

 

End Value (After Refurb)

£170,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£80,000

Stamp Duty & Legal Fees

£16,300

Refurb Costs

£26,073

Bridging Loan Interest

£8,400

Total Cash In

£132,523

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£170,000

Mortgage (After Refinance)

£127,500

Mortgage LTV

75%

Cash Left In

£132,523

Equity

£42,500

Rent Range

£1,600 - £1,800

Rent Estimate

£1,700

Running Costs/mo

£891

Cashflow/mo

£809

Cashflow/yr

£9,705

ROI

7%

Gross Yield

6%

Local Sold Prices

6 sold prices from £96K to £165K, average is £115K. £1.2K/m² to £2K/m², average is £1.7K/m².

PriceDateDistanceAddressBeds 
£150K11/220.16 mi8, Hillersdon Terrace, Nenthead, Alston, Westmorland And Furness CA9 3PG2
£101.5K10/210.2 mi3, Smeaton Place, Nenthead, Alston, Cumbria CA9 3QA2
£165K09/210.21 mi20, Hillersdon Terrace, Nenthead, Alston, Cumbria CA9 3PG2
£120K05/230.22 miBurnside Cottage, The Row, Nenthead, Alston, Westmorland And Furness CA9 3PE2
£96K12/200.31 mi4, Dene View, Nenthead, Alston, Cumbria CA9 3NR2
£110K12/210.32 mi1, Overwater, Nenthead, Alston, Cumbria CA9 3NT2

Local Rents

5 rents from £1.6K/mo to £1.8K/mo, average is £1.6K/mo.

RentDateDistanceAddressBeds 
£1,60003/252.04 mi-2
£1,80003/232.05 mi-3
£1,80003/232.05 mi-3
£1,60003/242.05 miLovelady Lane, Alston, CA92
£1,60003/242.05 mi-2

Local Area Statistics

Population in CA9

2,132

Town centre distance

3.53 miles away

Nearest school

0.30 miles away

Nearest train station

12.64 miles away

 

 

Rental growth (12m)

+3%

Sales demand

Balanced market

Capital growth (5yrs)

+56%

Property History

Price changed to £320,000

September 19, 2024

Listed for £345,000

August 8, 2024

Description

  • Semi-Detached Stone Cottage +
  • Renovated To An Extremely High Standard +
  • Stunning Views +
  • On Plot of Approximately 0.75 Acres +
  • Versatile Accommodation +
  • Quality Fitted Kitchen/Breakfast Room +
  • Quality Fitted Shower Room +
  • 1/2 Bedrooms +
  • 3/2 Reception Rooms +
  • Large Garage/Workshop + Cellar/Workshop +

This stone-built cottage sits on a good sized plot, of approximately 0.75 acres, has been renovated to an extremely high standard. It is perfectly located for somebody looking for a home in an attractive rural location with walking and cycling opportunities straight out of the front door, or for someone wishing to establish their own small holding. It is located ideally for unobstructed views over Alston Moor and Nent Valley, and down towards the market town of Alston.

The versatile living accommodation is arranged on split levels and offered in excellent order throughout. There is flexibility within the layout to utilise certain rooms in a different configuration to suit the new occupants own personal needs. The cellar/utility room also lends itself to a number of uses; utility room, overflow storage, workshop/hobby room, gym and leisure room. Externally, there is a very large detached garage which could take up to three cars. Alternatively, it could be utilised as a workshop, studio space or storage for sports equipment. There is additional off-street parking either side of the garage.

The cottage has been comprehensively renovated to an extremely high standard using natural building products (breathable natural insulation, plasters and paints) which benefit both the building and its occupants. During the works the current owners have also installed double glazing and efficient electric thermostatically controlled radiators, had a full new electrical installation, new plumbing system, new energy efficient hot water tank, new drainage, new mains water supply, newly fitted quality bathroom and kitchen, new flooring, installed new staircases, structural steels, added insulation throughout the property, undertaken external repointing in lime mortar and landscaping.

Wardway Foot sits above the village, just beyond Wellhope Gill, with superb views over the Nent Valley and it is on the National Cycle Route. Nenthead is a former lead mining village set in an AONB (area of outstanding natural beauty) and has a Primary School, village shop and Post Office and places to eat. Nenthead is approximately 5 miles from Alston where there is a wider range of shops and services to cater for your daily needs including Senior School, garages and supermarkets.

Please note, the EPC was assessed before the renovations were carried out.

An early viewing is highly recommended to appreciate the location and quality of this stone-built house. Please call our Hexham team on for further information and your appointment to view.

Council Tax Band: B
Tenure: Freehold

Agent Details

Pattinson Estate Agents, Hexham

01434 409090

Next Steps?

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