2 Bed Flat, Cash/Bridging Only, Wolverhampton, WV3 0EB, £117,000

Claremont Mews, Wolverhampton, West Midlands, WV3 0EB - 112 views - 7 months ago

Leasehold

Cash

Negative Equity

ROI: 10%

~68 m²

+8 photos

ValuationOvervalued

Sold Prices	£68K - £210K
Sold Prices/m²	£1.3K/m² - £2.6K/m²

Square Metres	~68.11 m²
Price/m²	£1.7K/m²
Value Estimate	£109,670£109,670

End Value (After Refurb)	£112,000£112,000

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£29,250£29,250
Stamp Duty & Legal Fees	£4,710£4,710
Refurb Costs	£26,951£26,951
Bridging Loan Interest	£3,071£3,071
Total Cash In	£65,733£65,733

Cash Out
Monetisation	FlipRefinance & RentRefinance & Rent
Revaluation	£112,000£112,000
Mortgage (After Refinance)	£84,000£84,000
Mortgage LTV	75%75%
Cash Left In	£65,733£65,733
Equity	£28,000£28,000
Rent Range	£614 - £1,000£614 - £1,000
Rent Estimate	£1,147
Running Costs/mo	£599£599
Cashflow/mo	£548£548
Cashflow/yr	£6,571£6,571
ROI	10%10%
Gross Yield	12%12%

Local Sold Prices

30 sold prices from £68K to £210K, average is £110K. £1.3K/m² to £2.6K/m², average is £1.6K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£128.5K	06/21	0.23 mi	159a, Penn Road, Wolverhampton, West Midlands WV3 0ED	£1,567	82	2	Flat
£95K	06/21	0.24 mi	23, Stubbs Road, Penn Fields, Wolverhampton, West Midlands WV3 7DF	£1,610	59	2	Flat
£120K	08/22	0.24 mi	22a, Stubbs Road, Penn Fields, Wolverhampton, West Midlands WV3 7DF	£2,141	56	2	Flat
£127K	08/22	0.27 mi	22, Stubbs Road, Penn Fields, Wolverhampton, West Midlands WV3 7DF	-	-	2	Flat
£125K	07/23	0.3 mi	18, Chequerfield Drive, Penn Fields, Wolverhampton, West Midlands WV3 7DH	£2,232	56	2	Flat
£127K	02/21	0.55 mi	37, Lower Villiers Street, Wolverhampton, West Midlands WV2 4NA	£1,257	101	2	Flat
£107.5K	11/22	0.55 mi	Flat 128, Merridale Court, Merridale Road, Wolverhampton, West Midlands WV3 9LF	-	-	2	Flat
£96K	08/21	0.56 mi	Flat 131, Merridale Court, Merridale Road, Wolverhampton, West Midlands WV3 9LF	-	-	2	Flat
£105K	02/21	0.56 mi	Flat 138, Merridale Court, Merridale Road, Wolverhampton, West Midlands WV3 9LF	-	-	2	Flat
£116.5K	09/22	0.56 mi	Flat 141, Merridale Court, Merridale Road, Wolverhampton, West Midlands WV3 9LF	-	-	2	Flat
£93K	10/22	0.63 mi	Flat 2, Parkhall Gardens, Rosemary Avenue, Wolverhampton, West Midlands WV4 5BN	-	-	2	Flat
£122K	11/22	0.68 mi	Flat 1, Lawton Court, Oaks Crescent, Chapel Ash, Wolverhampton, West Midlands WV3 9SH	-	-	2	Flat
£105K	07/22	0.76 mi	30, Market Square, Wolverhampton, West Midlands WV3 0NL	£1,638	64	2	Flat
£90K	05/21	0.76 mi	63, Market Square, Wolverhampton, West Midlands WV3 0NL	£1,364	66	2	Flat
£107K	10/22	0.76 mi	22, Market Square, Wolverhampton, West Midlands WV3 0NL	£1,742	61	2	Flat
£90K	05/21	0.76 mi	63, Market Square, Wolverhampton, West Midlands WV3 0NL	£1,364	66	2	Flat
£84K	08/21	0.78 mi	82, Worcester Street, Wolverhampton, West Midlands WV2 4LE	-	-	2	Flat
£84K	08/21	0.78 mi	82, Worcester Street, Wolverhampton, West Midlands WV2 4LE	-	-	2	Flat
£68K	04/21	0.78 mi	128, Goldthorn Hill, Wolverhampton, West Midlands WV2 3HU	£1,259	54	2	Flat
£210K	08/22	0.81 mi	Flat 15, Magnolia Court, Muchall Road, Wolverhampton, West Midlands WV4 5TR	-	-	2	Flat
£183K	03/23	0.81 mi	Flat 12, Magnolia Court, Muchall Road, Wolverhampton, West Midlands WV4 5TR	-	-	2	Flat
£134K	03/23	0.81 mi	56, Compton Road, Wolverhampton, West Midlands WV3 9PH	-	-	2	Flat
£140K	05/23	0.81 mi	68, Compton Road, Wolverhampton, West Midlands WV3 9PH	-	-	2	Flat
£118K	11/21	0.81 mi	60a, Compton Road, Wolverhampton, West Midlands WV3 9PH	-	-	2	Flat
£165K	12/23	0.86 mi	9, Finchfield Road, Wolverhampton, West Midlands WV3 9LS	£2,578	64	2	Flat
£123K	04/21	0.9 mi	1, Bantock Gardens, Wolverhampton, West Midlands WV3 9LP	£1,922	64	2	Flat
£96.5K	10/20	0.92 mi	18, Gail Park, Wolverhampton, West Midlands WV3 7JJ	-	-	2	Flat
£85K	04/23	0.92 mi	27, Gail Park, Wolverhampton, West Midlands WV3 7JJ	-	-	2	Flat
£112.5K	06/21	0.94 mi	Apartment 18, Tettenhall Gate, Haden Hill, Wolverhampton, West Midlands WV3 9PN	-	-	2	Flat
£90K	02/23	0.94 mi	Flat 24, West Park Court, Connaught Road, Wolverhampton, West Midlands WV1 4SQ	-	-	2	Flat

Local Rents

14 rents from £614/mo to £1K/mo, average is £863/mo.

Rent	Date	Distance	Address	Beds	Type
£1,000	04/25	0.11 mi	-	2	Terraced House
£925	11/24	0.16 mi	Copthorne Road, Wolverhampton	2	Flat
£840	03/25	0.19 mi	-	2	Flat
£900	11/24	0.2 mi	-	2	Terraced House
£875	11/24	0.22 mi	Lea Road, Wolverhampton	2	Flat
£875	03/25	0.31 mi	-	2	Terraced House
£850	11/24	0.33 mi	Pennant Court, Wolverhampton, WV3	2	Flat
£750	02/25	0.34 mi	-	2	Terraced House
£950	03/25	0.35 mi	-	2	Flat
£950	11/24	0.36 mi	-	2	Flat
£614	11/24	0.52 mi	-	2	Flat
£850	03/25	0.54 mi	-	2	Flat
£795	11/24	0.56 mi	Merridale Road, Wolverhampton, WV3	2	Flat
£795	11/24	0.58 mi	Graiseley Street, Penn Fields	2	Flat

Local Area Statistics

Population in WV3	29,66329,663
Population in Wolverhampton	260,353260,353
Town centre distance	1.21 miles away1.21 miles away
Nearest school	0.20 miles away0.20 miles away
Nearest train station	1.03 miles away1.03 miles away

Rental demand	Landlord's marketLandlord's market
Rental growth (12m)	+14%+14%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+27%+27%

Property History

Listed for £117,000

-89%

September 17, 2024

Sold for £975,000

2018

Floor Plans

Description

Allocated Parking +
Large living space +
Spacious double bedrooms +

*CASH OFFERS ONLY DUE TO SHORT LEASE TERM 63 YEARS* Morgan Payne & Knightly are pleased to offer this beautiful 2 bed apartment located in the heart of Penn. With great transport links and private parking.

As you enter the hallway you are welcomed by the living room to the left of the property. There is plenty of space and natural light into the living space making this the perfect room for movie nights and cosy evenings!

The Kitchen is located next to the living room and benefits from a modern finish with integrated oven and stove top.

The bathroom offers a spacious shower cubicle and storage space, the beautiful tile finish pulls the room together and give a luxurious feel.

The master bedroom benefits from fitted wardrobes and is a good double size. Likewise, the second bedroom also has a fitted wardrobe and a large floor space.

This apartment must been seen to be appreciated!

Agent Details

Morgan Payne & Knightly, Telford

01902 943224

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪