2 Bed Flat, Single Let, Washington, NE37 1RB, £40,000

Arklecrag, Washington, Tyne and Wear, NE37 1RB - 4 views - 3 months ago

Leasehold

Auction

BTL

ROI: 26%

~68 m²

+2 photos

ValuationUndervalued

Sold Prices	£40K - £275K
Sold Prices/m²	£515/m² - £24.2K/m²

Square Metres	~68.11 m²
Price/m²	£587/m²
Value Estimate	£48,800£48,800
BMV	22%

Cashflows

Cash In
Purchase Finance	MortgageMortgage
Deposit (25%)	£10,000£10,000
Stamp Duty & Legal Fees	£1,200£1,200
Total Cash In	£11,200£11,200

Cash Out
Rent Range	£450 - £2,200£450 - £2,200
Rent Estimate	£484
Running Costs/mo	£242£242
Cashflow/mo	£242£242
Cashflow/yr	£2,906£2,906
ROI	26%26%
Gross Yield	15%15%

Local Sold Prices

36 sold prices from £40K to £275K, average is £67.3K. £515/m² to £24.2K/m², average is £1.1K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£85K	09/23	0.21 mi	55, Grizedale, Washington, Tyne And Wear NE37 1TZ	£1,667	51	2	Flat
£79.5K	07/22	0.23 mi	64, Lingmell, Washington, Tyne And Wear NE37 1TT	-	-	2	Flat
£40K	06/23	0.23 mi	14, Mardale, Washington, Tyne And Wear NE37 1TH	-	-	2	Flat
£59.5K	02/21	0.24 mi	8, Lingmell, Washington, Tyne And Wear NE37 1TN	£1,102	54	2	Flat
£50K	11/22	0.24 mi	1, Lingmell, Washington, Tyne And Wear NE37 1TN	-	-	2	Flat
£74K	04/23	0.26 mi	8, Fell Close, Washington, Tyne And Wear NE37 1AX	-	-	2	Flat
£62K	05/23	0.34 mi	10, Brackenway, Washington, Tyne And Wear NE37 1AW	£1,550	40	2	Flat
£60K	09/22	0.34 mi	8, Brackenway, Washington, Tyne And Wear NE37 1AW	£1,071	56	2	Flat
£63.1K	11/20	0.36 mi	3, Drumaldrace, Washington, Tyne And Wear NE37 1SR	£1,539	41	2	Flat
£72.5K	02/23	0.36 mi	24, Drumaldrace, Washington, Tyne And Wear NE37 1SR	£24,167	3	2	Flat
£80.5K	10/22	0.38 mi	6, Drumaldrace, Washington, Tyne And Wear NE37 1SR	-	-	2	Flat
£71K	01/23	0.41 mi	37, Burnway, Washington, Tyne And Wear NE37 1BQ	£1,325	54	2	Flat
£72.5K	12/23	0.43 mi	30, Burnway, Washington, Tyne And Wear NE37 1BQ	£1,343	54	2	Flat
£67K	12/23	0.43 mi	40, Burnway, Washington, Tyne And Wear NE37 1BQ	-	-	2	Flat
£52K	08/23	0.49 mi	98, Bamburgh Close, Washington, Tyne And Wear NE38 0HR	£867	60	2	Flat
£67.5K	03/21	0.5 mi	5, Musgrave Terrace, Washington, Tyne And Wear NE38 7HR	£1,071	63	2	Flat
£43K	04/21	0.52 mi	49, Newstead Court, Washington, Tyne And Wear NE38 7PF	£729	59	2	Flat
£52.5K	08/22	0.52 mi	116, Lumley Close, Washington, Tyne And Wear NE38 0HZ	£833	63	2	Flat
£70K	06/23	0.52 mi	131, Lumley Close, Washington, Tyne And Wear NE38 0HZ	-	-	2	Flat
£67.5K	03/21	0.54 mi	5, Musgrave Terrace, Washington, Tyne And Wear NE38 7HR	£1,071	63	2	Flat
£60K	01/23	0.54 mi	9, Lumley Close, Washington, Tyne And Wear NE38 0HX	£984	61	2	Flat
£80K	11/22	0.58 mi	34, Mickley Close, Willington Quay, Wallsend, Tyne And Wear NE28 6JJ	£941	85	2	Flat
£275K	12/20	0.62 mi	20, Liberty Green, Washington, Tyne And Wear NE38 7UA	£1,884	146	2	Flat
£55K	06/22	0.63 mi	8, Dunstanburgh Close, Washington, Tyne And Wear NE38 0JE	£1,122	49	2	Flat
£50K	08/22	0.68 mi	48, Warkworth Close, Washington, Tyne And Wear NE38 0JN	£833	60	2	Flat
£55K	10/22	0.69 mi	13, Witton Court, Washington, Tyne And Wear NE38 0JH	-	-	2	Flat
£40K	12/20	0.69 mi	15, Witton Court, Washington, Tyne And Wear NE38 0JH	£653	61	2	Flat
£65K	07/23	0.69 mi	40, Donvale Road, Washington, Tyne And Wear NE37 1DQ	£1,128	58	2	Flat
£70K	08/23	0.72 mi	34, Westernmoor, Washington, Tyne And Wear NE37 1LP	£1,129	62	2	Flat
£55K	04/23	0.76 mi	43, Laurens Court, Washington, Tyne And Wear NE37 2EE	£982	56	2	Flat
£72.5K	07/23	0.77 mi	89, Dilston Close, Washington, Tyne And Wear NE38 0HE	-	-	2	Flat
£85K	06/23	0.77 mi	87, Dilston Close, Washington, Tyne And Wear NE38 0HE	£1,735	49	2	Flat
£72K	09/22	0.88 mi	17, Emmerson Terrace, Washington, Tyne And Wear NE38 7LN	£515	140	2	Flat
£70K	06/21	0.93 mi	19, Biddick Village Centre, Washington, Tyne And Wear NE38 7NP	£1,167	60	2	Flat
£82K	03/23	0.93 mi	35, Biddick Village Centre, Washington, Tyne And Wear NE38 7NP	-	-	2	Flat
£60K	11/20	0.95 mi	112, Burnhope Road, Washington, Tyne And Wear NE38 8EA	£1,071	56	2	Flat

Local Rents

51 rents from £450/mo to £2.2K/mo, average is £650/mo.

Rent	Date	Distance	Address	Beds	Type
£625	05/24	0.23 mi	-	2	Flat
£795	11/24	0.35 mi	-	2	Semi-Detached House
£625	03/25	0.36 mi	-	2	Flat
£550	05/24	0.43 mi	-	2	Flat
£650	07/24	0.44 mi	62 Stridingedge	2	Bungalow
£825	04/24	0.45 mi	-	2	Semi-Detached House
£595	12/24	0.58 mi	Lumley Close, Washington, Tyne and Wear, NE38 0HX	2	Flat
£625	03/25	0.6 mi	-	2	Flat
£2,200	06/24	0.64 mi	-	2	Flat
£2,200	06/24	0.64 mi	-	2	Flat
£2,200	02/25	0.64 mi	-	2	Flat
£2,200	03/25	0.64 mi	-	2	Flat
£650	05/24	0.68 mi	The Oval Concord Washington	2	Terraced House
£1,100	12/24	0.75 mi	Dame Margaret Hall, Washington Village, Washington	2	Flat
£995	12/24	0.75 mi	Dame Margaret Hall, The Avenue, Washington Village	2	Flat
£600	05/24	0.79 mi	Cooperative Terrace, Washington	2	Flat
£575	05/24	0.8 mi	Manor View, Washington, Tyne and Wear, NE37	2	Terraced House
£600	12/24	0.8 mi	Mitford Close, Oxclose, Washington, NE38	2	Flat
£535	05/24	0.81 mi	-	2	Terraced House
£595	12/24	0.82 mi	-	2	Flat
£695	06/24	0.82 mi	Coach Road Estate, Washington	2	Semi-Detached House
£550	06/24	0.84 mi	-	2	Terraced House
£625	05/24	0.87 mi	-	2	Flat
£650	05/24	0.89 mi	Emmerson Terrace, Columbia, Washington	2	Flat
£800	05/24	0.9 mi	Donridge, Washington, Tyne and Wear, NE37 1EW	2	Flat
£650	05/24	0.91 mi	Grasmere Gardens, Columbia, Washington	2	Terraced House
£630	03/24	0.91 mi	-	2	Terraced House
£675	12/24	0.93 mi	Fountains Close, Biddick, Washington, Tyne and Wear, NE38	2	Terraced House
£650	11/24	0.95 mi	-	2	Semi-Detached House
£760	04/25	0.99 mi	-	2	Semi-Detached House
£750	12/24	1 mi	The Parade, Washington	2	Terraced House
£575	05/24	1.04 mi	Arlington Court, Columbia, Washington	2	Flat
£550	11/24	1.05 mi	-	2	Flat
£675	06/24	1.05 mi	Kings Terrace, Springwell Village	2	Terraced House
£675	12/24	1.08 mi	-	2	Flat
£550	01/24	1.09 mi	-	2	Flat
£775	02/24	1.1 mi	-	2	Terraced House
£850	07/24	1.11 mi	Wingrove Terrace, Springwell, Gateshead	2	Terraced House
£450	05/24	1.12 mi	Neville Court, Sulgrave, Washington, NE37	2	Flat
£595	05/24	1.14 mi	Kenilworth Court, sulgrave, Washington, Tyne and Wear, NE37 3EG	2	Flat
£600	01/24	1.14 mi	-	2	Flat
£650	06/24	1.14 mi	Waterloo Walk, Washington, NE37	2	Flat
£600	06/24	1.14 mi	Waterloo Walk, Washington, NE37	2	Flat
£600	07/24	1.14 mi	-	2	Flat
£675	09/24	1.14 mi	-	2	Terraced House
£700	12/24	1.15 mi	Helvellyn Avenue, Lambton	2	House
£700	01/25	1.16 mi	-	2	Flat
£550	05/24	1.17 mi	Robinson Terrace, Columbia, Washington	2	Flat
£850	12/24	1.17 mi	Morland Avenue, Columbia, Washington	2	Bungalow
£550	05/24	1.18 mi	Kenilworth Court, Washington, Tyne and Wear, NE37 3DZ	2	Flat
£595	07/24	1.19 mi	Collingwood Court, Sulgrave, Washington, Tyne and Wear, NE37 3EB	2	Flat

Local Area Statistics

Population in NE37	21,03221,032
Population in Washington	52,26452,264
Town centre distance	0.63 miles away0.63 miles away
Nearest school	0.20 miles away0.20 miles away
Nearest train station	3.13 miles away3.13 miles away

Rental demand	Tenant's marketTenant's market
Rental growth (12m)	+71%+71%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+4%+4%

Property History

Listed for £40,000

January 13, 2025

Description

To Be Sold Via Online Auction +
Two Bedrooms +
Upper Flat +
No Upper Chain +
EPC - C +

To be sold via Online Auction, (//) Fees Apply.

We are delighted to offer for sale, this two bedroom upper flat located in Arklecrag, Washington.

The property briefly comprises a communal entrance with secure entry system, a lounge, kitchen, two bedrooms, and a bathroom.

Situated close to a range of local schools and amenities, this property is well located for those who commute to Sunderland, Newcastle or Durham.

This property is a great first time buyer or an ideal investment opportunity with having a potential rental income of £600pcm.

For any viewing information or enquires please contact our Washington branch.

Council Tax Band: A
Tenure: Leasehold
Length Of Lease: 100
Annual Service Charge Amount: £1,260.00

Agent Details

Pattinson Estate Agents, Washington

0191 625 0857

Next Steps?

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

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