2 Bed Terraced House, Refurb/BRRR, Washington, NE38 7TG, £115,000

41 Spout Lane, Washington, NE38 7HP - 5 months ago

Sold STC
Refurb/BRRR
ROI: 4%
~68 m²
+15 photos

ValuationOvervalued

Sold Prices£72K - £270K
Sold Prices/m²£845/m² - £3.4K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.7K/m²

Value Estimate

£108,821

 

 

End Value (After Refurb)

£112,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£28,750

Stamp Duty & Legal Fees

£4,650

Refurb Costs

£26,136

Bridging Loan Interest

£3,019

Total Cash In

£64,305

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£112,000

Mortgage (After Refinance)

£84,000

Mortgage LTV

75%

Cash Left In

£64,305

Equity

£28,000

Rent Range

£550 - £1,100

Rent Estimate

£720

Running Costs/mo

£514

Cashflow/mo

£206

Cashflow/yr

£2,472

ROI

4%

Gross Yield

8%

Local Sold Prices

50 sold prices from £72K to £270K, average is £125K. £845/m² to £3.4K/m², average is £1.6K/m².

PriceDateDistanceAddressBeds 
£112.5K03/230.05 mi12, Maltby Close, Washington, Tyne And Wear NE38 7RQ2
£115K12/230.08 mi18, Talbot Close, Washington, Tyne And Wear NE38 7RH2
£84K06/230.09 mi22, The Parade, Washington, Tyne And Wear NE38 7DP2
£125K06/230.1 mi8, Henson Close, Washington, Tyne And Wear NE38 7RL2
£107.5K03/210.1 mi23, Henson Close, Washington, Tyne And Wear NE38 7RL2
£120K12/230.1 mi29, Henson Close, Washington, Tyne And Wear NE38 7RL2
£112.5K11/200.11 mi9, Fountains Close, Washington, Tyne And Wear NE38 7TA2
£151K02/230.17 mi23, Sherwood Close, Washington, Tyne And Wear NE38 7RJ2
£85K12/200.17 mi20, Gainsborough Avenue, Washington, Tyne And Wear NE38 7EE2
£162.5K04/230.22 mi18, Woburn, Washington, Tyne And Wear NE38 7JX2
£95K01/240.24 mi16, Grasmere Terrace, Washington, Tyne And Wear NE38 7LP2
£135K09/230.24 mi27, Grasmere Terrace, Washington, Tyne And Wear NE38 7LP2
£110K01/230.24 mi18, Nelson Street, Washington, Tyne And Wear NE38 7AU2
£105K11/210.27 mi36, Nelson Street, Washington, Tyne And Wear NE38 7AU2
£120K08/230.28 mi16, Nelson Street, Washington, Tyne And Wear NE38 7AU2
£125K02/230.28 mi45, Nelson Street, Washington, Tyne And Wear NE38 7AU2
£80K03/210.33 mi17, Avon Terrace, Washington, Tyne And Wear NE38 7LY2
£175K10/220.37 mi33, Rievaulx, Washington, Tyne And Wear NE38 7JP2
£182K03/240.37 mi20, Lindisfarne, Washington, Tyne And Wear NE38 7JR2
£198K01/230.38 mi31, Rievaulx, Washington, Tyne And Wear NE38 7JP2
£199.9K12/230.38 mi38, Rievaulx, Washington, Tyne And Wear NE38 7JP2
£190K09/210.4 miMulbera, Glebe Crescent, Washington, Tyne And Wear NE38 7AW2
£182.5K02/230.4 miGlenholme, Glebe Crescent, Washington, Tyne And Wear NE38 7AW2
£214K03/210.45 mi4, Creevelea, Washington, Tyne And Wear NE38 7TU2
£152K03/210.5 mi68, Avebury Drive, Washington, Tyne And Wear NE38 7BY2
£155K11/230.56 mi4, Bede Crescent, Washington, Tyne And Wear NE38 7JA2
£100K05/230.59 mi18, Barmston Close, Washington, Tyne And Wear NE38 8NA2
£224.5K09/230.59 mi32, Valley Forge, Washington, Tyne And Wear NE38 7JN2
£130K11/200.63 mi39, Hill Rise, Washington, Tyne And Wear NE38 7HL2
£72K04/210.67 mi324, Horsley Road, Washington, Tyne And Wear NE38 8HT2
£240K01/240.69 mi66, Biddick Lane, Washington, Tyne And Wear NE38 8AA2
£180K07/230.7 mi62, Burnhope Road, Washington, Tyne And Wear NE38 8DZ2
£110K10/210.71 mi29, Pentland Close, Washington, Tyne And Wear NE38 0PG2
£84.5K12/200.78 mi1, Cuillin Close, Washington, Tyne And Wear NE38 0PU2
£138K01/210.78 mi14, Burnhope Road, Washington, Tyne And Wear NE38 8DX2
£82.5K09/230.8 mi60, Cleveland Drive, Washington, Tyne And Wear NE38 0PP2
£75K01/230.81 mi70, Lumley Close, Washington, Tyne And Wear NE38 0HZ2
£95K05/240.81 mi1, Council Terrace, Washington, Tyne And Wear NE37 2UB2
£75K03/240.81 mi19, Council Terrace, Washington, Tyne And Wear NE37 2UB2
£160K02/240.83 mi26, Athelhampton, Washington, Tyne And Wear NE38 8TA2
£80K02/210.83 mi32, Blencathra, Washington, Tyne And Wear NE37 1SD2
£84K01/210.83 mi2, Blencathra, Washington, Tyne And Wear NE37 1SD2
£85K05/230.87 mi33, Church View, Washington, Tyne And Wear NE37 2DG2
£155.5K05/210.89 mi34, Toynbee, Washington, Tyne And Wear NE38 8TU2
£270K08/230.92 mi34, Biddick Lane, Washington, Tyne And Wear NE38 8AE2
£86.5K08/240.97 mi42, Horsley Road, Washington, Tyne And Wear NE38 8HF2
£175K06/240.98 mi17, Thornbridge, Washington, Tyne And Wear NE38 8TH2
£150K06/230.98 mi15, Thornbridge, Washington, Tyne And Wear NE38 8TH2
£157.5K01/210.99 mi22, Gossington, Washington, Tyne And Wear NE38 8TD2
£165K07/230.99 mi24, Gossington, Washington, Tyne And Wear NE38 8TD2

Local Rents

12 rents from £550/mo to £1.1K/mo, average is £663/mo.

RentDateDistanceAddressBeds 
£67512/240.03 miFountains Close, Biddick, Washington, Tyne and Wear, NE382
£75012/240.09 miThe Parade, Washington2
£65005/240.2 miGrasmere Gardens, Columbia, Washington2
£65005/240.23 miEmmerson Terrace, Columbia, Washington2
£85012/240.3 miMorland Avenue, Columbia, Washington2
£55012/240.32 miHogarth Drive2
£62505/240.32 mi-2
£57505/240.33 miArlington Court, Columbia, Washington2
£67512/240.33 mi-2
£55005/240.36 miRobinson Terrace, Columbia, Washington2
£99512/240.39 miDame Margaret Hall, The Avenue, Washington Village2
£1,10012/240.39 miDame Margaret Hall, Washington Village, Washington2

Local Area Statistics

Population in NE38

31,232

Population in Washington

52,264

Town centre distance

0.32 miles away

Nearest school

0.20 miles away

Nearest train station

3 miles away

 

 

Rental growth (12m)

+35%

Sales demand

Seller's market

Capital growth (5yrs)

+7%

Property History

Listed for £115,000

November 6, 2024

Description

  • 2 Bedrooms +
  • Terraced +
  • Freehold +
  • Garage +

Jill Moore Sales & Lettings are pleased to present this spacious two double bedroom terrace property in the highly admired quiet area of Fountains Close, Biddick to the sales market. Whilst in need of modernisation, this good-sized property is the perfect first time buy or investment/buy-to-let, benefitting from newly installed double glazing and private garage in block. Viewings highly recommended.

Agent Details

Jill Moore Select Properties, Washington

0191 743 6875

Next Steps?

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

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