2 Bed Terraced House, Refurb/BRRR, Cramlington, NE23 6HP, £119,950

Cragside, Cramlington, NE23 6HP - 1 views - 5 months ago

Sold STC
Leasehold
Refurb/BRRR
ROI: 3%
~68 m²
+10 photos

ValuationUndervalued

Sold Prices£47K - £260K
Sold Prices/m²£654/m² - £4.4K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.8K/m²

Value Estimate

£123,123
BMV3%

 

 

End Value (After Refurb)

£115,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£29,988

Stamp Duty & Legal Fees

£4,799

Refurb Costs

£26,073

Bridging Loan Interest

£3,149

Total Cash In

£65,757

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£115,000

Mortgage (After Refinance)

£86,250

Mortgage LTV

75%

Cash Left In

£65,757

Equity

£28,750

Rent Range

£495 - £875

Rent Estimate

£662

Running Costs/mo

£512

Cashflow/mo

£150

Cashflow/yr

£1,803

ROI

3%

Gross Yield

7%

Local Sold Prices

50 sold prices from £47K to £260K, average is £116K. £654/m² to £4.4K/m², average is £1.7K/m².

PriceDateDistanceAddressBeds 
£47K01/230.12 mi6, Chirnside, Cramlington, Northumberland NE23 6LQ2
£88K08/230.12 mi78, Westerkirk, Cramlington, Northumberland NE23 6NE2
£190K01/240.12 mi51, Westerkirk, Cramlington, Northumberland NE23 6NE2
£80K11/230.13 mi15, Woodhill Road, Cramlington, Northumberland NE23 6JG2
£125K07/210.13 mi6, Crofthead Drive, Cramlington, Northumberland NE23 6LG2
£63K07/240.15 mi42, Whitelaw Place, Cramlington, Northumberland NE23 6HY2
£122K06/240.16 mi11, Chesterhill, Cramlington, Northumberland NE23 6JN2
£239.5K10/230.18 mi5, Gresham Close, Cramlington, Northumberland NE23 6EJ2
£74K12/230.18 mi84, Gresham Close, Cramlington, Northumberland NE23 6EJ2
£260K07/240.18 mi2, Gresham Close, Cramlington, Northumberland NE23 6EJ2
£112K11/200.18 mi55, Chesterhill, Cramlington, Northumberland NE23 6JW2
£115K06/210.18 mi69, Chesterhill, Cramlington, Northumberland NE23 6JW2
£122.8K12/220.19 mi17, Wedder Law, Cramlington, Northumberland NE23 6LP2
£70K11/220.2 mi1, Craigend, Cramlington, Northumberland NE23 6LF2
£110K04/210.2 mi12, Whitelaw Place, Cramlington, Northumberland NE23 6HX2
£140K05/240.2 mi92, Whitelaw Place, Cramlington, Northumberland NE23 6HZ2
£140K05/240.2 mi92, Whitelaw Place, Cramlington, Northumberland NE23 6HZ2
£47.8K10/230.21 mi59, Winshields, Cramlington, Northumberland NE23 6JB2
£154K06/240.26 mi19, Carlcroft Place, Cramlington, Northumberland NE23 6ET2
£111.7K02/210.27 mi22, Wedder Law, Cramlington, Northumberland NE23 6LR2
£145K03/210.28 mi8, Walkerburn, Cramlington, Northumberland NE23 6LU2
£220K11/220.28 mi16, Walkerburn, Cramlington, Northumberland NE23 6LU2
£110K05/240.28 mi25, Akeld Close, Cramlington, Northumberland NE23 6JL2
£187K05/210.28 mi8, Ganton Avenue, Cramlington, Northumberland NE23 6EL2
£208.5K08/230.29 mi17, Glencoe Avenue, Cramlington, Northumberland NE23 6EH2
£76K03/230.33 mi46, Coltpark Place, Cramlington, Northumberland NE23 6HL2
£80K11/200.33 mi29, Anton Place, Cramlington, Northumberland NE23 6JH2
£95K12/230.36 mi98, Anton Place, Cramlington, Northumberland NE23 6JJ2
£80K03/210.37 mi7, Storey Street, Cramlington, Northumberland NE23 6RL2
£95K04/230.37 mi12, Storey Street, Cramlington, Northumberland NE23 6RL2
£147K11/200.38 mi20, Gilderdale Way, Cramlington, Northumberland NE23 6PL2
£158K06/210.38 mi23, Gilderdale Way, Cramlington, Northumberland NE23 6PL2
£110K04/230.39 mi35, Coanwood Drive, Cramlington, Northumberland NE23 6TL2
£82.5K02/210.41 mi16, Hastings Street, Cramlington, Northumberland NE23 6RQ2
£102K12/230.41 mi24, Hastings Street, Cramlington, Northumberland NE23 6RQ2
£120K10/210.43 mi132, Clifton Road, Cramlington, Northumberland NE23 6TJ2
£110K11/230.43 mi138, Clifton Road, Cramlington, Northumberland NE23 6TJ2
£100K06/210.47 mi100, Clifton Road, Cramlington, Northumberland NE23 6TH2
£194K07/230.47 mi114, Clifton Road, Cramlington, Northumberland NE23 6TH2
£200K07/240.47 mi20, Greystoke Place, Cramlington, Northumberland NE23 6NJ2
£185K02/240.5 mi103, Hareside, Cramlington, Northumberland NE23 6BL2
£117K03/210.51 mi11, Rowan Grove, Cramlington, Northumberland NE23 6XT2
£107K12/230.52 mi11, Chipchase Avenue, Cramlington, Northumberland NE23 6TS2
£112K03/240.54 mi3, Dukesfield, Cramlington, Northumberland NE23 6DL2
£138K10/210.55 mi33, Cambo Drive, Cramlington, Northumberland NE23 6TN2
£110K02/210.55 mi52, Barrasford Road, Cramlington, Northumberland NE23 6TE2
£135K08/230.55 mi54, Barrasford Road, Cramlington, Northumberland NE23 6TE2
£149.9K05/210.56 mi16, Highburn, Cramlington, Northumberland NE23 6BD2
£140K10/230.56 mi10, Highburn, Cramlington, Northumberland NE23 6BD2
£125K12/200.58 mi46, Beech Avenue, Cramlington, Northumberland NE23 6XS2

Local Rents

16 rents from £495/mo to £875/mo, average is £650/mo.

RentDateDistanceAddressBeds 
£65006/240.12 miChirnside, Cramlington, Northumberland, NE23 6LQ2
£65007/240.13 miChirnside, Cramlington, NE232
£87505/240.13 miCairnsmore Close, Cramlington2
£85005/240.21 mi-2
£49507/240.34 miWindermere Close, Southfield Lea, Cramlington2
£49512/240.34 miWindermere Close, Southfield Lea, Cramlington2
£65002/240.34 mi-2
£62502/240.36 mi-2
£70005/240.39 miCoanwood Drive, Cramlington2
£67508/240.41 mi-2
£52505/240.49 miDewley, Cramlington2
£75006/240.53 miTwo Bedroom Semi Detached - Chipchase Avenue, Cramlington2
£75007/240.53 miTwo Bedroom Semi Detached - Chipchase Avenue, Cramlington2
£59505/240.58 miDipton Grove, Cramlington, Northumberland2
£64005/240.61 mi-2
£64005/240.61 mi-2

Local Area Statistics

Population in NE23

39,162

Population in Cramlington

39,226

Town centre distance

0.98 miles away

Nearest school

0.20 miles away

Nearest train station

1.19 miles away

 

 

Rental demand

Tenant's market

Rental growth (12m)

-10%

Sales demand

Seller's market

Capital growth (5yrs)

+31%

Property History

Listed for £119,950

November 20, 2024

Sold for £36,000

1998

Floor Plans

Description

  • Two Bedroom +
  • Terraced Bungalow +
  • *Freehold On Completion +
  • Garage In A Block +
  • South West Rear Garden +
  • In Need Of Some Modernisation +
  • Collingwood Grange +
  • Established Residential Area +
  • Modern Shower Room/W.C. +
  • Popular Style Bungalow +

* TWO BEDROOMS - TERRACED - BUNGALOW - *FREEHOLD - NO UPPER CHAIN - GARAGE IN A BLOCK - COLLINGWOOD GRANGE - FRONT AND REAR GARDENS - SOUGHT AFTER AREA - PRICED TO REFLECT WORKS *

Mike Rogerson Estate Agents are pleased to bring to the sales market this two bedroom terraced bungalow situated on the popular residential street of Cragside, Collingwood Grange, Cramlington. The property is only a short walk from local shops and amenities.

The property in question has gardens to the front and rear, the rear benefitting from a south westerly position. There is a single garage in a block a stone's throw away. The property is ready for someone to upgrade and put their own stamp on.

The property is priced to reflect works to be carried out . We also offer the property with no upper chain.

Cramlington is a popular town located within easy commuting distance of the Tyneside conurbation. The shopping on offer in Cramlington is large and varied, with national supermarkets and chain stores clustered around the Manor Walk Shopping Development, which also features a cinema and leisure centre. Cramlington was planned as a new town and features interconnected footpaths and cycle paths throughout, connecting the various estates and multitude of green spaces. Cramlington also has excellent schools including the Cramlington Learning Village, doctors surgeries, sports clubs, public houses and restaurants as well as Cramlington train station.

The property briefly comprises of; entrance porch with storage, a spacious lounge with large window overlooking the front elevation, an inner hallway leading to the kitchen, which has a range of wall and under bench units fitted, space for white goods and access to the rear garden. A modern shower room has been installed, with an accessible walk-in shower, hand wash basin and WC, the room benefits from tiled flooring and cladded walls. There are two bedrooms in the property. The very spacious principle bedroom provides lots of space and also benefits from an integral wardrobe and bedroom two benefits from fitted wardrobes providing lots of storage space.

To the front external there is a laid to lawn section. To the rear, a delightful garden awaits with a south-westerly facing direction, on sunny days this is the ideal place to be. The bungalow also benefits from a garage in a block which is located directly behind the property with ample parking.

The property has a ducted air heating system installed and benefits from UPVC double glazed windows.

*The property is currently under a leasehold title, however the sellers are in the process of purchasing the Freehold. The Property will be Freehold upon completion; however we do recommend legal confirmation is sought before completion.

To arrange a viewing, please contact our Cramlington branch on option 1.

Agent Details

Mike Rogerson Estate Agents, Cramlington

01670 332963

Next Steps?

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