2 Bed Bungalow, Refurb/BRRR, Morecambe, LA3 3AQ, £199,950

365 Lancaster Road, Torrisholme, Morecambe LA4 6LZ - 4 months ago

Refurb/BRRR
ROI: 1%
~68 m²
+7 photos

ValuationOvervalued

Sold Prices£96K - £265K
Sold Prices/m²£1.5K/m² - £4.7K/m²

 

 

Square Metres

~68.11 m²
Price/m²£2.9K/m²

Value Estimate

£176,541

 

 

End Value (After Refurb)

£174,375

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£49,988

Stamp Duty & Legal Fees

£11,198

Refurb Costs

£27,537

Bridging Loan Interest

£5,249

Total Cash In

£95,721

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£174,375

Mortgage (After Refinance)

£130,781

Mortgage LTV

75%

Cash Left In

£95,721

Equity

£43,594

Rent Range

£545 - £1,750

Rent Estimate

£826

Running Costs/mo

£730

Cashflow/mo

£96

Cashflow/yr

£1,151

ROI

1%

Gross Yield

5%

Local Sold Prices

50 sold prices from £96K to £265K, average is £172.5K. £1.5K/m² to £4.7K/m², average is £2.8K/m².

PriceDateDistanceAddressBeds 
£164K11/200 mi5, Homfray Grove, Morecambe, Lancashire LA3 3AQ2
£210K01/210.07 mi24, Lowther Avenue, Morecambe, Lancashire LA3 3AH2
£185K11/200.12 mi70, Norwood Drive, Morecambe, Lancashire LA4 6LU2
£172K12/200.12 mi6, Stanhope Avenue, Morecambe, Lancashire LA3 3AJ2
£235K11/220.12 mi2, Warley Avenue, Morecambe, Lancashire LA3 3AR2
£225K07/230.16 mi27, Kendal Drive, Morecambe, Lancashire LA4 6NE2
£122.5K08/210.19 mi1, Back Grove Terrace, Morecambe, Lancashire LA4 6NF2
£121K11/200.19 mi375, Lancaster Road, Morecambe, Lancashire LA4 6LZ2
£120K09/210.21 mi310, Lancaster Road, Morecambe, Lancashire LA4 6LY2
£154K06/210.24 mi7, Repton Avenue, Morecambe, Lancashire LA4 6RZ2
£154K06/210.25 mi7, Repton Avenue, Morecambe, Lancashire LA4 6RZ2
£119K04/230.26 mi397, Lancaster Road, Morecambe, Lancashire LA4 6NB2
£179.9K12/210.26 mi7, Garfield Drive, Morecambe, Lancashire LA4 6NH2
£145K06/210.28 mi33, Lonsdale Avenue, Morecambe, Lancashire LA4 6RY2
£184.9K04/210.31 mi22, Lonsdale Road, Morecambe, Lancashire LA4 6SZ2
£170K09/220.31 mi6, Wenning Court, Morecambe, Lancashire LA3 3SH2
£159K11/220.37 mi20, Severn Court, Morecambe, Lancashire LA3 3ST2
£225K07/230.37 mi45, Strickland Drive, Morecambe, Lancashire LA4 6TE2
£225K04/230.39 mi60, Anstable Road, Morecambe, Lancashire LA4 6TH2
£150K01/210.41 mi19, Michaelson Avenue, Morecambe, Lancashire LA4 6SD2
£220K04/230.41 mi19, Michaelson Avenue, Morecambe, Lancashire LA4 6SD2
£265K10/220.42 mi58, Slyne Road, Morecambe, Lancashire LA4 6PD2
£179.9K12/220.42 mi2, Winthorpe Avenue, Morecambe, Lancashire LA4 4RE2
£239K06/210.43 mi23, Sizergh Road, Morecambe, Lancashire LA4 6TL2
£265K12/200.43 mi21, Sizergh Road, Morecambe, Lancashire LA4 6TL2
£155K02/210.43 mi12, Dunsop Gardens, Morecambe, Lancashire LA3 3SL2
£105K05/210.47 mi11, Winthorpe Avenue, Morecambe, Lancashire LA4 4RE2
£182K04/210.47 mi139, Bare Lane, Morecambe, Lancashire LA4 6RR2
£173K02/230.48 mi21, Mattock Crescent, Morecambe, Lancashire LA4 6QT2
£135K02/230.49 mi17, Christie Avenue, Morecambe, Lancashire LA4 5UN2
£105K11/200.49 mi35, Monkswood Avenue, Morecambe, Lancashire LA4 6TW2
£122K03/230.49 mi37, Monkswood Avenue, Morecambe, Lancashire LA4 6TW2
£176K02/230.49 mi8, Calder Way, Morecambe, Lancashire LA3 3RX2
£145K11/200.49 mi6, Jesmond Grove, Morecambe, Lancashire LA4 4RQ2
£162K09/210.49 mi28, Winthorpe Avenue, Morecambe, Lancashire LA4 4RE2
£239.5K12/220.5 mi25, Strickland Drive, Morecambe, Lancashire LA4 6TD2
£160K07/210.5 mi28, Thonock Road, Morecambe, Lancashire LA4 4RG2
£135K03/210.5 mi12, Thonock Road, Morecambe, Lancashire LA4 4RG2
£190K10/220.51 mi74, Hadrian Road, Morecambe, Lancashire LA3 3BX2
£220K02/210.51 mi274, Torrisholme Road, Lancaster, Lancashire LA1 2TU2
£173K02/230.52 mi29, Thonock Road, Morecambe, Lancashire LA4 4RG2
£156K06/230.53 mi15, Leycester Drive, Lancaster, Lancashire LA1 5HW2
£180K01/210.53 mi52, Kayswell Road, Morecambe, Lancashire LA4 6PY2
£239.9K09/210.55 mi8, The Coppice, Morecambe, Lancashire LA4 6TS2
£225K02/210.55 mi14, The Coppice, Morecambe, Lancashire LA4 6TS2
£233K12/220.55 mi18, Redwood Drive, Morecambe, Lancashire LA4 6TP2
£162K05/230.56 mi5, Azalea Grove, Morecambe, Lancashire LA4 6TU2
£189.5K08/230.56 mi4, Brampton Drive, Morecambe, Lancashire LA4 6QS2
£157K04/210.58 mi50, Rochester Avenue, Morecambe, Lancashire LA4 4RH2
£96K03/230.59 mi214a, Lancaster Road, Morecambe, Lancashire LA4 5TL2

Local Rents

49 rents from £545/mo to £1.8K/mo, average is £800/mo.

RentDateDistanceAddressBeds 
£80008/240.2 miLancaster Road, Torrisholme, Morecambe2
£75008/240.3 miLoweswater Drive, Morecambe2
£75009/240.31 mi-2
£75008/240.31 miMorecambe, Morecambe, LA32
£90011/240.41 mi-2
£85005/240.49 miAnstable Road, Morecambe2
£77505/240.58 miLeamington Road, Westgate, Morecambe2
£90005/240.8 miWillow Grove, Morecambe2
£77508/240.83 miGleneagles Drive, Morecambe2
£87502/240.85 mi-2
£87507/240.86 miSulby Grove, Morecambe2
£87507/240.86 miSulby Grove, Morecambe2
£95007/240.87 miSunnyfield Avenue, Morecambe2
£95005/240.9 mi-2
£80005/240.93 mi-2
£92506/240.93 miDorchester Gardens, Westgate, Morecambe, Lancashire, LA32
£70007/240.94 mi-2
£85010/240.94 mi-2
£75007/240.95 miTudor Grove, Morecambe2
£1,75012/240.96 mi-2
£79504/240.98 miLeyster Street, Morecambe2
£95006/240.98 miSt. Christophers Way, Bare, Morecambe2
£85004/251 mi-2
£72508/241.01 miWestgate, Westgate, Morecambe, Lancashire2
£95006/241.02 miNew Quay Road, Lancaster2
£95012/241.03 mi-2
£95012/241.03 mi-2
£75007/241.04 miFlat 2 The Channings, 455 Marine Road East, Morecambe, LA4 6AD2
£1,25005/241.05 miBroadway One, Dallam Avenue, Morecambe2
£72504/241.05 miLansdowne Grove, Morecambe2
£72504/241.05 miLansdowne Grove, Morecambe2
£72505/241.05 mi6 The Craggs, 457 - 459 Marine Road East, Morecambe2
£85003/241.05 mi-2
£85003/251.05 mi-2
£80004/251.05 mi-2
£85004/241.05 miArnside Crescent, Morecambe, LA42
£77507/241.05 miAshton Road, Morecambe2
£75012/231.07 mi-2
£85002/251.08 mi-2
£57501/251.08 mi-2
£70005/241.09 miCrewgarth Road, Westgate, Morecambe, LA32
£70004/241.09 mi-2
£70004/241.1 miSchola Green Lane, Morecambe, Lancashire2
£75007/241.11 miElm Grove, Bare, Morecambe, Lancashire2
£85005/241.13 miCowdrey Mews, Lancaster, LA12
£82505/241.15 miHazelmere Marine Road East, Morecambe2
£67504/241.17 miAtherton Road, Lancaster, LA12
£54508/241.17 mi-2
£65005/241.19 miBeaumont Park, Lancaster, LA12

Local Area Statistics

Population in LA3

24,587

Population in Morecambe

50,836

Town centre distance

0.96 miles away

Nearest school

0.10 miles away

Nearest train station

0.77 miles away

 

 

Rental growth (12m)

-2%

Sales demand

Buyer's market

Capital growth (5yrs)

+31%

Property History

Price changed to £199,950

February 16, 2025

Price changed to £209,950

January 15, 2025

Listed for £219,950

November 29, 2024

Floor Plans

Description

Well-presented two bedroom semi-detached bungalow situated in between Morecambe and Lancaster and convenient for the 'Bay Gateway' M6 link road, Torrisholme Village amenities, local primary and secondary schools, Lancaster and Morecambe College and main bus routes. The property is uPVC double glazed throughout, gas central heated from a 'combi' boiler (boiler replaced 2022) and benefits from having a versatile loft room with bathroom. Briefly comprises: side entrance, hallway, spacious lounge, kitchen diner, two double bedrooms, shower room and a drop down ladder into the loft room with bathroom. Outside the property there is a slate chipped front garden with shrub borders, driveway providing off-road parking leading to the detached garage and car port and a low maintenance paved rear garden with greenhouse/potting shed. Although in need of some modernisation, this property will appeal to a range of buyers seeking a well-proportioned bungalow in a popular and convenient location. Internal viewings are highly recommended. Sold with vacant possession and NO UPWARD CHAIN.

SIDE ENTRANCE
uPVC double glazed door leading into:

HALLWAY
Laminate flooring. Central heating radiator. Telephone point. Coving. Wall light. Electric power points. Central heating thermostat.

LOUNGE 4.24m x 3.33m (13'11'' x 10'11'')
uPVC double glazed windows to the side and rear elevations. Central heating radiator. Coal effect living flame gas fire. TV point. Coving. Ceiling lights. Electric power points.

KITCHEN DINER 4.73m x 3.33m (average) (15'6'' x 10'11'')
uPVC double glazed windows to the side and rear elevations. uPVC double glazed back door. Two central heating radiators. Range of fitted furniture comprising base units, wall units, display cabinet and drawers with working surfaces and tiled splashbacks in part to two walls. Inset single bowl sink. Plumbing/space for washing machine and tumble dryer. Space for built-in oven, four ring gas hob and cooker hood with extractor fan and light. Electric meter and consumer unit (housed in base unit). Ceiling lights. Electric power points.

BEDROOM ONE 3.77m x 3.01m (12'4'' x 9'11'')
uPVC double glazed window to the rear elevation. Central heating radiator. Coving. Ceiling lights. Electric power points. Access via an aluminium drop down ladder into the loft room.

BEDROOM TWO 3.46m x 3.01m (into the wardrobes) (11'4'' x 9'11'')
uPVC double glazed window to the front elevation. Central heating radiator. Fitted wardrobes providing hanging space, shelving and storage. Ceiling light. Electric power points.

SHOWER ROOM/WC 1.93m x 1.68m extending to 2.47m (into the shower) (6'4'' x 5'6'' x 8'1'')
uPVC double glazed window to the side elevation. Heated towel rail. Three piece suite in white comprising shower cubicle with 'Mira' mains shower, wash hand basin set into vanity unit and wc. Fully tiled floor to ceiling. Ceiling lights.

Access via a drop down ladder from Bedroom One into:

LOFT ROOM with BATHROOM

LOFT ROOM 4.95m (max) x 4.67m (max) (16'3'' x 15'4'')
Velux double glazed window. Central heating radiator. Ceiling lights. Electric power points. Wall mounted 'Baxi' gas combination condensing boiler. Access under the eaves and into:

BATHROOM 2.72m x 1.88m (8'11'' x 6'2'')
Velux window. Bath, pedestal wash hand basin and wc. Access under the eaves. Ceiling light.

FRONT GARDEN
Mainly laid to slate chippings with flower and shrub borders.

DRIVEWAY
Dropped kerb onto the tarmacadam driveway providing off-road parking and leads through folding timber gates to the garage, car port and rear garden. External gas meter.

GARAGE 5.97m x 3.15m (19'7'' x 10'4'')
Accessed via double timber doors. Inspection pit. Three windows. Power and light.

REAR GARDEN WITH CAR PORT
Low maintenance, laid to paving and block paving with flower and shrub borders. Car port. Glazed potting shed/greenhouse area. Outside lights. Surrounded by brick walls, timber and concrete fencing.

TENURE Freehold

SERVICES Mains water, mains drainage, mains electricity, mains gas. Local Authority Lancaster City Council. Council Tax Band C. Amount payable for the financial year 2024/25 being £2093.88. Please note that this is a verbal enquiry only. We strongly recommend that prospective purchasers verify the information direct.

Council Tax Band: C (Lancaster City Council)
Tenure: Freehold

Agent Details

ibay Homes, Morecambe

01524 952012

Next Steps?

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