2 Bed Flat, Refurb/BRRR, Stoke-on-Trent, ST6 8LD, £60,000

Drakeford Grove, Norton, Stoke-on-Trent, Staffordshire, ST6 8LD - 11 views - 3 months ago

Leasehold
Refurb/BRRR
ROI: 8%
~68 m²
+1 photos

ValuationFair Value

Sold Prices£71K - £201.5K
Sold Prices/m²£1.2K/m² - £2.4K/m²

 

 

Square Metres

~68.11 m²
Price/m²£881/m²

Value Estimate

£60,000

 

 

End Value (After Refurb)

£95,909

Uplift in Value

+60%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£15,000

Stamp Duty & Legal Fees

£3,000

Refurb Costs

£27,600

Bridging Loan Interest

£1,575

Total Cash In

£48,925

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£95,909

Mortgage (After Refinance)

£71,932

Mortgage LTV

75%

Cash Released

£26,932

Cash Left In

£21,993

Equity

£23,977

Rent Range

£575 - £2,550

Rent Estimate

£829

Running Costs/mo

£486

Cashflow/mo

£343

Cashflow/yr

£4,122

ROI

8%

Gross Yield

17%

Local Sold Prices

25 sold prices from £71K to £201.5K, average is £90K. £1.2K/m² to £2.4K/m², average is £1.6K/m².

PriceDateDistanceAddressBeds 
£201.5K10/210.5 mi6, Gorsey Bank, Stoke-on-trent ST6 8AR2
£96K07/220.63 mi33, Moorefields View, Stoke-on-trent ST6 8GU2
£77.5K03/210.64 mi51, Moorefields View, Stoke-on-trent ST6 8GU2
£85K10/210.7 miFlat 5, Celebration Court, Skellern Avenue, Stoke-on-trent ST6 7RA2
£85K06/220.72 mi50, Blithfield Way, Stoke-on-trent ST6 8GS2
£93K07/220.79 miApartment 11, Ravensbourne Court, Burtree Drive, Stoke-on-trent ST6 8FF2
£90K07/220.8 miApartment 13, Ravensbourne Court, Burtree Drive, Stoke-on-trent ST6 8FF2
£86K05/210.8 miApartment 29, Ravensbourne Court, Burtree Drive, Stoke-on-trent ST6 8FF2
£84K06/220.8 miApartment 14, Ravensbourne Court, Burtree Drive, Stoke-on-trent ST6 8FF2
£71K03/210.85 mi63, Chillington Way, Stoke-on-trent ST6 8GJ2
£74.5K04/210.85 mi65, Chillington Way, Stoke-on-trent ST6 8GJ2
£74.5K04/220.85 mi65, Chillington Way, Stoke-on-trent ST6 8GJ2
£95K09/210.86 mi21, Chasewater Drive, Stoke-on-trent ST6 8GH2
£92.5K07/220.89 mi10, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£115.5K12/220.89 mi36, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£88K11/200.9 mi32, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£80K11/210.9 mi7, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£88K11/200.9 mi32, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£90K02/210.9 mi14, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£90K10/210.9 mi22, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£106K06/230.9 mi18, Hayeswood Grove, Stoke-on-trent ST6 8GG2
£120K03/230.92 mi26, Minton Grove, Stoke-on-trent ST2 7QT2
£82.5K04/210.95 mi4, Minton Court, Baddeley Green, Stoke-on-trent ST2 7QU2
£95K02/220.95 mi3, Minton Court, Baddeley Green, Stoke-on-trent ST2 7QU2
£105.5K11/230.97 mi17, Bronte Grove, Stoke-on-trent ST2 7QF2

Local Rents

36 rents from £575/mo to £2.5K/mo, average is £750/mo.

RentDateDistanceAddressBeds 
£57502/240.3 mi-2
£72512/240.3 mi-2
£62509/240.53 miWilliamson Avenue, Ball Green, Stoke-on-Trent2
£85012/240.59 mi-2
£85012/240.59 mi-2
£77502/250.61 mi-2
£77502/250.61 mi-2
£80003/250.61 mi-2
£1,95009/240.62 mi-2
£70009/240.75 miBurtree Drive, Norton Heights2
£75012/240.76 mi-2
£75002/250.76 mi-2
£80004/250.83 mi-2
£72509/240.87 miBishop Road, Chell, Stoke-on-Trent, ST62
£65009/240.9 miHayeswood Grove; Stoke-on-Trent; ST62
£90012/240.9 mi-2
£69509/240.91 miRobert Heath Street, Smallthorne2
£68010/240.93 mi-2
£75012/240.94 mi-2
£75001/250.95 mi-2
£78512/240.95 mi-2
£75010/240.98 mi-2
£62509/241.07 mi-2
£69501/241.07 mi-2
£67512/241.09 mi-2
£70012/241.09 mi-2
£69509/241.09 mi-2
£85003/251.09 mi-2
£79509/241.1 mi-2
£79510/241.1 mi-2
£67010/241.13 mi-2
£85012/241.15 mi-2
£85003/251.19 mi-2
£2,55002/241.21 mi-2
£69512/241.22 mi-2
£67509/241.22 miNorton Avenue, Burslem, ST62

Local Area Statistics

Population in ST6

64,608

Population in Stoke-on-Trent

347,755

Town centre distance

1.60 miles away

Nearest school

0.40 miles away

Nearest train station

2.66 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+23%

Sales demand

Seller's market

Capital growth (5yrs)

+26%

Property History

Listed for £60,000

January 8, 2025

Floor Plans

Description

  • Two double bedrooms +
  • Spacious reception room +
  • Charming fireplace +
  • Built-in kitchen pantries +
  • Bathroom with shower +
  • Council Tax Band A +
  • Prime Norton location +
  • Close to public transport +
  • Nearby local amenities +
  • No onward chain +

For sale is this two-bedroom flat, that eagerly awaits a new lease of life. Located in the heart of Norton, this property is ideally suited for both first-time buyers looking to put their stamp on their first home, and investors seeking a project with potential for high returns.

The property boasts a generous layout, with one reception room, two double bedrooms, a kitchen, and a bathroom. The spacious reception room is a particular highlight, featuring a charming fireplace that promises cosy evenings during the colder months.

The kitchen is a functional space, complete with built-in pantries for ample storage. Meanwhile, the bathroom offers practicality with a shower situated above the bath, making it ideal for both quick morning freshen-ups and leisurely soaks.

While it is in need of modernisation, this flat offers a perfect canvas for those looking to personalise their living space. The property benefits from being within a Council Tax Band A, making it a cost-efficient choice for those budget-conscious buyers.

Further enhancing its appeal is its prime location. It's within walking distance to public transport links, local amenities, and green spaces, ensuring you have everything you need right on your doorstep.

Offered with no onward chain, this property is ripe for transformation. It is an opportunity that's not to be missed. So, whether you're a first-time buyer looking to climb the property ladder or an investor looking for your next venture, this flat could be the perfect fit for you.

IMPORTANT NOTE TO POTENTIAL PURCHASERS & TENANTS:
We endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or fact. The services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency is given. All photographs and measurements have been taken as a guide only and are not precise. Floor plans where included are not to scale and accuracy is not guaranteed. If you require clarification or further information on any points, please contact us, especially if you are traveling some distance to view. POTENTIAL PURCHASERS: Fixtures and fittings other than those mentioned are to be agreed with the seller. POTENTIAL TENANTS: All properties are available for a minimum length of time, with the exception of short term accommodation. Please contact the branch for details. A security deposit of at least one month’s rent is required. Rent is to be paid one month in advance. It is the tenant’s responsibility to insure any personal possessions. Payment of all utilities including water rates or metered supply and Council Tax is the responsibility of the tenant in most cases.

QTU250006/2

Agent Details

Your Move, Tunstall

01782 493820

Next Steps?

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