3 Bed Flat, Refurb/BRRR, Felixstowe, IP11 7PJ, £160,000

89 Princes Road, Felixstowe, Suffolk, IP11 7PJ - 4 months ago

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Auction

Refurb/BRRR

ROI: 7%

57 m²

+17 photos

ValuationOvervalued

Sold Prices	£160K - £260K
Sold Prices/m²	£1.7K/m² - £4.3K/m²

Square Metres	57 m²
Price/m²	£2.8K/m²
Value Estimate	£136,991£136,991

End Value (After Refurb)	£156,375£156,375

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£40,000£40,000
Stamp Duty & Legal Fees	£6,000£6,000
Refurb Costs	£26,635£26,635
Bridging Loan Interest	£4,200£4,200
Total Cash In	£78,585£78,585

Cash Out
Monetisation	FlipRefinance & RentRefinance & Rent
Revaluation	£156,375£156,375
Mortgage (After Refinance)	£117,281£117,281
Mortgage LTV	75%75%
Cash Left In	£78,585£78,585
Equity	£39,094£39,094
Rent Range	£850 - £2,700£850 - £2,700
Rent Estimate	£1,187
Running Costs/mo	£746£746
Cashflow/mo	£441£441
Cashflow/yr	£5,291£5,291
ROI	7%7%
Gross Yield	9%9%

Local Sold Prices

4 sold prices from £160K to £260K, average is £169.5K. £1.7K/m² to £4.3K/m², average is £2.4K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£160K	12/20	0.26 mi	12, Russell Road, Felixstowe, Suffolk IP11 2BD	£2,963	54	3	Flat
£162K	06/21	0.57 mi	81a, High Road West, Felixstowe, Suffolk IP11 9AA	£1,688	96	3	Flat
£177K	11/20	0.57 mi	81a, High Road West, Felixstowe, Suffolk IP11 9AA	£1,844	96	3	Flat
£260K	01/23	0.9 mi	7, Marine Parade Walk, Felixstowe, Suffolk IP11 2GJ	£4,333	60	3	Flat

Local Rents

25 rents from £850/mo to £2.7K/mo, average is £1.1K/mo.

Rent	Date	Distance	Address	Beds	Type
£1,000	04/24	0.13 mi	-	3	Terraced House
£2,700	11/23	0.17 mi	-	3	Flat
£950	12/24	0.21 mi	-	3	Flat
£1,195	04/24	0.23 mi	Holland Road, Felixstowe	3	Terraced House
£1,100	05/24	0.43 mi	Kingsfleet Road, Felixstowe	3	Terraced House
£1,100	02/25	0.47 mi	-	3	Terraced House
£1,000	05/24	0.55 mi	Gainsborough Road, Felixstowe	3	Flat
£1,275	04/24	0.57 mi	Chester Road, Felixstowe	3	Semi-Detached House
£1,050	05/24	0.62 mi	High Road West, Felixstowe, IP11	3	Semi-Detached House
£1,200	04/24	0.7 mi	Orford Road, Felixstowe	3	Terraced House
£1,100	04/24	0.72 mi	Graham Road, Felixstowe	3	Terraced House
£1,150	12/23	0.72 mi	-	3	Terraced House
£1,350	04/24	0.78 mi	Tollemache Walk, Felixstowe	3	Terraced House
£1,150	04/24	0.81 mi	Ferry Lane, Felixstowe, IP11	3	House
£1,200	04/24	0.82 mi	Queen Street, Walton	3	Semi-Detached House
£1,250	03/24	0.84 mi	Wesel Avenue, Felixstowe	3	Terraced House
£850	05/24	0.89 mi	Angel Cottage, Felixstowe	3	Flat
£850	05/24	0.89 mi	Angel Cottage, Felixstowe	3	Terraced House
£1,050	05/24	0.89 mi	Maidstone Road, FELIXSTOWE	3	Terraced House
£1,000	06/24	0.89 mi	Maidstone Road, Felixstowe	3	Terraced House
£1,020	04/24	0.91 mi	Langer Road, Felixstowe, Suffolk, IP11	3	Terraced House
£995	04/24	1.01 mi	Reedland Way, Felixstowe, Suffolk, IP11	3	House
£1,295	04/24	1.1 mi	Collett Road	3	Semi-Detached House
£1,450	04/24	1.1 mi	Walton Hall Drive, Trimley IP11	3	Semi-Detached House
£1,300	05/24	1.11 mi	Bigod Terrace, Felixstowe, IP11	3	House

Local Area Statistics

Population in IP11	29,29029,290
Population in Felixstowe	29,29429,294
Town centre distance	0.40 miles away0.40 miles away
Nearest school	0.50 miles away0.50 miles away
Nearest train station	0.55 miles away0.55 miles away

Rental demand	Tenant's marketTenant's market
Rental growth (12m)	0%0%
Sales demand	Balanced marketBalanced market
Capital growth (5yrs)	+16%+16%

Property History

Listed for £160,000

December 18, 2024

Floor Plans

Description

Being Sold via Secure Sale online bidding. Terms and Conditions apply. +
THREE BEDROOM FIRST FLOOR APARTMENT +
LEASE EXTENDED IN 2024 +
SHARE OF FREEHOLD +
BALCONY +
CENTRAL HEATING +

A sizeable three bedroom first floor flat in need of updating in a fine Victorian Villa close to the sea front and the town centre.

There is 54 years left on the lease, lease has been extended by current owner.

Council Tax Band: B
Tenure: ShareOfFreehold
Annual Service Charge Amount: £200.00

Agent Details

Pattinson Estate Agents, Auction

0191 625 0242

Next Steps?

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