2 Bed Flat, Cash/Bridging Only, Washington, NE37 3LG, £50,000

Nene Court, Washington, NE37 3LG - 5 months ago

Sold STC

Leasehold

Cash

ROI: 9%

~65 m²

+5 photos

ValuationOvervalued

Sold Prices	£15K - £275K
Sold Prices/m²	£155/m² - £1.9K/m²

Square Metres	~64.60 m²
Price/m²	£774/m²
Value Estimate	£28,568£28,568

End Value (After Refurb)	£41,000£41,000

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£12,500£12,500
Stamp Duty & Legal Fees	£3,700£3,700
Refurb Costs	£24,789£24,789
Bridging Loan Interest	£1,313£1,313
Total Cash In	£44,052£44,052

Cash Out
Monetisation	FlipRefinance & RentRefinance & Rent
Revaluation	£41,000£41,000
Mortgage (After Refinance)	£30,750£30,750
Mortgage LTV	75%75%
Cash Left In	£44,052£44,052
Equity	£10,250£10,250
Rent Range	£450 - £750£450 - £750
Rent Estimate	£599
Running Costs/mo	£268£268
Cashflow/mo	£331£331
Cashflow/yr	£3,973£3,973
ROI	9%9%
Gross Yield	14%14%

Local Sold Prices

32 sold prices from £15K to £275K, average is £32K. £155/m² to £1.9K/m², average is £442/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£50K	12/20	0.01 mi	5, Nene Court, Washington, Tyne And Wear NE37 3LG	£820	61	2	Flat
£39K	01/24	0.08 mi	18, Johnson Terrace, Washington, Tyne And Wear NE37 3AL	£549	71	2	Flat
£19K	04/21	0.11 mi	81, Neville Court, Sulgrave, Washington, Tyne And Wear NE37 3DY	£202	94	2	Flat
£40K	04/21	0.11 mi	79, Neville Court, Washington, Tyne And Wear NE37 3DY	£404	99	2	Flat
£38K	08/22	0.11 mi	76, Neville Court, Sulgrave, Washington, Tyne And Wear NE37 3DY	£481	79	2	Flat
£21K	12/22	0.11 mi	71, Neville Court, Sulgrave, Washington, Tyne And Wear NE37 3DY	£333	63	2	Flat
£47K	05/23	0.11 mi	22, Neville Court, Sulgrave, Washington, Tyne And Wear NE37 3DY	£490	96	2	Flat
£35K	05/23	0.12 mi	110, Wellington Walk, Washington, Tyne And Wear NE37 3EP	-	-	2	Flat
£30K	07/22	0.12 mi	67, Neville Court, Sulgrave, Washington, Tyne And Wear NE37 3DY	£395	76	2	Flat
£32K	02/21	0.17 mi	95, Kenilworth Court, Washington, Tyne And Wear NE37 3EG	£681	47	2	Flat
£18.9K	10/21	0.17 mi	75, Kenilworth Court, Washington, Tyne And Wear NE37 3EG	£190	99	2	Flat
£21.3K	05/21	0.17 mi	60, Kenilworth Court, Washington, Tyne And Wear NE37 3EG	£348	61	2	Flat
£20K	10/20	0.17 mi	14, Kenilworth Court, Washington, Tyne And Wear NE37 3DZ	£377	53	2	Flat
£24K	06/21	0.17 mi	91, Collingwood Court, Washington, Tyne And Wear NE37 3ED	-	-	2	Flat
£20K	05/23	0.17 mi	100, Collingwood Court, Washington, Tyne And Wear NE37 3ED	£465	43	2	Flat
£26K	03/21	0.19 mi	109, Collingwood Court, Washington, Tyne And Wear NE37 3EF	£419	62	2	Flat
£29K	01/24	0.19 mi	139, Collingwood Court, Washington, Tyne And Wear NE37 3EF	£411	71	2	Flat
£30K	12/22	0.19 mi	113, Kenilworth Court, Washington, Tyne And Wear NE37 3EQ	£393	76	2	Flat
£15K	03/21	0.19 mi	103, Waterloo Walk, Washington, Tyne And Wear NE37 3EN	£155	97	2	Flat
£15K	02/21	0.19 mi	119, Waterloo Walk, Washington, Tyne And Wear NE37 3EN	£169	89	2	Flat
£17.5K	01/21	0.19 mi	118, Waterloo Walk, Washington, Tyne And Wear NE37 3EN	£201	87	2	Flat
£32K	06/23	0.2 mi	9, Collingwood Court, Washington, Tyne And Wear NE37 3EB	£478	67	2	Flat
£17.5K	10/20	0.21 mi	142, Waterloo Walk, Washington, Tyne And Wear NE37 3EL	£243	72	2	Flat
£37.5K	03/23	0.22 mi	4, Gladstone Terrace, Washington, Tyne And Wear NE37 3AW	-	-	2	Flat
£55K	04/23	0.28 mi	43, Laurens Court, Washington, Tyne And Wear NE37 2EE	£982	56	2	Flat
£67.5K	03/21	0.64 mi	5, Musgrave Terrace, Washington, Tyne And Wear NE38 7HR	£1,071	63	2	Flat
£60K	11/20	0.66 mi	112, Burnhope Road, Washington, Tyne And Wear NE38 8EA	£1,071	56	2	Flat
£67.5K	03/21	0.67 mi	5, Musgrave Terrace, Washington, Tyne And Wear NE38 7HR	£1,071	63	2	Flat
£275K	12/20	0.77 mi	20, Liberty Green, Washington, Tyne And Wear NE38 7UA	£1,884	146	2	Flat
£71K	01/23	0.9 mi	37, Burnway, Washington, Tyne And Wear NE37 1BQ	£1,325	54	2	Flat
£72.5K	12/23	0.96 mi	30, Burnway, Washington, Tyne And Wear NE37 1BQ	£1,343	54	2	Flat
£67K	12/23	0.96 mi	40, Burnway, Washington, Tyne And Wear NE37 1BQ	-	-	2	Flat

Local Rents

20 rents from £450/mo to £750/mo, average is £598/mo.

Rent	Date	Distance	Address	Beds	Type
£550	11/24	0.04 mi	-	2	Flat
£550	01/24	0.08 mi	-	2	Flat
£450	05/24	0.12 mi	Neville Court, Sulgrave, Washington, NE37	2	Flat
£595	05/24	0.13 mi	Kenilworth Court, sulgrave, Washington, Tyne and Wear, NE37 3EG	2	Flat
£550	05/24	0.17 mi	Kenilworth Court, Washington, Tyne and Wear, NE37 3DZ	2	Flat
£650	06/24	0.2 mi	Waterloo Walk, Washington, NE37	2	Flat
£600	06/24	0.2 mi	Waterloo Walk, Washington, NE37	2	Flat
£600	07/24	0.2 mi	-	2	Flat
£595	07/24	0.21 mi	Collingwood Court, Sulgrave, Washington, Tyne and Wear, NE37 3EB	2	Flat
£595	07/24	0.21 mi	Collingwood Court, Sulgrave, Washington, Tyne and Wear, NE37 3EB	2	Flat
£700	01/25	0.22 mi	-	2	Flat
£600	01/24	0.22 mi	-	2	Flat
£600	05/24	0.26 mi	Cooperative Terrace, Washington	2	Flat
£575	05/24	0.26 mi	Manor View, Washington, Tyne and Wear, NE37	2	Terraced House
£750	07/24	0.31 mi	Shalstone, Sulgrave, Washington	2	Semi-Detached House
£650	05/24	0.31 mi	Shalstone, Washington	2	Detached House
£550	06/24	0.48 mi	-	2	Terraced House
£535	05/24	0.51 mi	-	2	Terraced House
£650	05/24	0.53 mi	The Oval Concord Washington	2	Terraced House
£630	03/24	0.6 mi	-	2	Terraced House

Local Area Statistics

Population in NE37	21,03221,032
Population in Washington	52,26452,264
Town centre distance	0.97 miles away0.97 miles away
Nearest school	0.30 miles away0.30 miles away
Nearest train station	2.65 miles away2.65 miles away

Rental demand	Tenant's marketTenant's market
Rental growth (12m)	+71%+71%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+4%+4%

Property History

Listed for £50,000

October 29, 2024

Floor Plans

Description

First Floor Apartment +
Two Bedrooms +
Large Lounge Diner +
Recently Refitted Bathroom +
Secure Intercom Entry System +
Ample Storage +
Many Local Amenities +
Good Transport Links +

Jan Mitchell Properties are pleased to present to the market this exceptional two bedroom upper floor flat for sale, located in the sought-after Nene Court in Washington. This contemporary flat features double glazing, a combination boiler, spacious interiors, large attic and secure intercom system.

The property which will appeal to a variety of buyers briefly comprises:- Communal hallway, private entrance vestibule, an open-plan lounge and dining area , kitchen with fitted wall and floor units, two good sized bedrooms, and a stylish three piece bathroom with shower over the bath.

Location
Situated close to numerous local amenities and just a short walk from Concord town centre with its variety of shops and services, the property also offers excellent bus connections to Sunderland and Newcastle City Centre. With easy access to the A19 and A1, this flat is perfect for commuting across the region.

Measurements
Lounge/Diner - 7.27 x 6.84
Kitchen - 3.55 x 2.35
Bedroom One - 3.54 x 2.92
Bedroom Two - 2.24 x 2.66

IMPORTANT NOTE TO PURCHASERS
We endeavour to make our property details accurate, however, they do not constitute or form part of an offer or any contract and are not to relied upon as statements of representation or fact. Any services, systems and appliances listed in the details have not been tested by us and no guarantee is given to their operating ability or efficiency. All the measurements and floor plans have been taken as a guide to prospective purchasers and are not to be relied upon. Please be advised that some of the information may be awaiting vendor approval. If you require clarification of further information on any points please contact us direct.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.

Tenure - We are not able to verify the tenure of the property as it is not always possible to see sight of the relevant documentation prior to marketing. Prospective purchasers must make further enquiries with their legal adviser

Council Tax Band: A (Sunderland Council)
Tenure: Leasehold (91 years)
Ground Rent: £10 per year
Service Charge: £88 per month
91 yrs £88 per month buildings insurance communal electric and cleaning. £10 per yr ground rent

Agent Details

Jan Mitchell Properties, Covering North East

0191 625 1034

Next Steps?

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