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

Drakeford Grove, Stoke-on-Trent, Staffordshire, ST6 8LD - 12 views - 3 months ago

Leasehold
Refurb/BRRR
ROI: 8%
~68 m²
+2 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

£60,600

 

 

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 14, 2025

Description

  • Two double bedrooms +
  • Breakfast area in kitchen +
  • Beautiful wood floors +
  • Generously-sized reception room +
  • Fantastic location +
  • Excellent transport links +
  • Proximity to local schools +
  • Nearby green spaces +
  • Lower Council Tax Band +
  • Potential for personalisation +

Presenting this charming flat on the market for sale, boasting two bedrooms and brimming with potential. Though currently in a state that requires modernisation, this property presents an excellent opportunity for buyers looking to put their own stamp on their next home.

The flat comprises of two respectable double bedrooms, offering ample room for both rest and storage. The kitchen benefits from a designated breakfast area, providing a delightful space to enjoy morning meals and casual dining. With a single bathroom servicing the property, the functional arrangements of this flat are well-suited to a range of buyers.

Adding to the appeal of the property is a single, generously-sized reception room. This space is characterised by its beautiful wood floors, which add to the charm and character of the flat.

Situated in a fantastic location, this property benefits from excellent public transport links, making daily commuting a breeze. Families will appreciate the proximity to local schools, and the nearby amenities will cater to all your basic needs. For those who enjoy the outdoors, the presence of local green spaces provides a refreshing escape from city life.

Further enhancing the appeal of this flat is its Council Tax Band A designation, offering potential homeowners a lower tax rate.

In summary, this property, though in need of refurbishment, is a gem waiting to be polished. Its location, current features, and potential for personalisation make it an attractive prospect for a variety of buyers.

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.

HAN250007/2

Agent Details

Reeds Rains, Hanley

01782 493928

Next Steps?

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