3 Bed Bungalow, Refurb/BRRR, Lancaster, LA2 6AH, £500,000

Rusha-Lea, Hest Bank Lane, Slyne, Lancaster, LA2 6AH - 1 views - 2 months ago

Refurb/BRRR
~93 m²
+9 photos

ValuationOvervalued

Sold Prices£85K - £465K
Sold Prices/m²£1.3K/m² - £4.8K/m²

 

 

Square Metres

~93 m²
Price/m²£5.4K/m²

Value Estimate

£201,022

 

 

End Value (After Refurb)

£440,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£125,000

Stamp Duty & Legal Fees

£28,700

Refurb Costs

£37,558

Bridging Loan Interest

£13,125

Total Cash In

£206,133

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£440,000

Mortgage (After Refinance)

£330,000

Mortgage LTV

75%

Cash Left In

£206,133

Equity

£110,000

Rent Range

£750 - £1,500

Rent Estimate

£923

Running Costs/mo

£1,580

Cashflow/mo

£-657

Cashflow/yr

£-7,879

Gross Yield

2%

Local Sold Prices

49 sold prices from £85K to £465K, average is £219.9K. £1.3K/m² to £4.8K/m², average is £2.4K/m².

PriceDateDistanceAddressBeds 
£420K09/230.05 mi5, Beech Grove, Slyne, Lancaster, Lancashire LA2 6AJ3
£230K04/210.25 miTan-y-bryn, Lancaster Road, Slyne, Lancaster, Lancashire LA2 6AL3
£350K11/210.3 mi1, Warren Close, Slyne, Lancaster, Lancashire LA2 6LQ3
£330K11/200.31 mi10, Throstle Grove, Slyne, Lancaster, Lancashire LA2 6AX3
£260K09/230.33 mi53, Hest Bank Lane, Hest Bank, Lancaster, Lancashire LA2 6BS3
£219.9K05/210.35 mi56, Manor Road, Slyne, Lancaster, Lancashire LA2 6LE3
£286K12/220.36 mi58, Manor Road, Slyne, Lancaster, Lancashire LA2 6LE3
£252.5K11/200.44 mi2a, Bay View Crescent, Slyne, Lancaster, Lancashire LA2 6JU3
£205K11/200.5 mi15, Bay View Avenue, Slyne, Lancaster, Lancashire LA2 6JR3
£170K01/230.55 mi114, Main Road, Slyne, Lancaster, Lancashire LA2 6AZ3
£205K12/220.57 mi3, Manor Drive, Slyne, Lancaster, Lancashire LA2 6JX3
£215K11/200.57 mi13, Manor Crescent, Slyne, Lancaster, Lancashire LA2 6BA3
£353.5K12/200.58 mi34, Sea View Drive, Hest Bank, Lancaster, Lancashire LA2 6BX3
£375K09/210.64 mi42, Manor Lane, Slyne, Lancaster, Lancashire LA2 6JE3
£257K08/230.65 mi8, Sunningdale Avenue, Hest Bank, Lancaster, Lancashire LA2 6DD3
£465K03/230.65 miThe Paddock, Shady Lane, Slyne, Lancaster, Lancashire LA2 6JD3
£240K12/200.66 mi8, Sunningdale Crescent, Hest Bank, Lancaster, Lancashire LA2 6DE3
£440K07/230.74 mi1, Rushley Drive, Hest Bank, Lancaster, Lancashire LA2 6EF3
£440K10/200.74 mi7, Hanging Green Lane, Hest Bank, Lancaster, Lancashire LA2 6JB3
£155K08/210.77 mi37, Green Lane, Lancaster, Lancashire LA1 2ES3
£85K10/210.81 mi49, Beaumont Place, Lancaster, Lancashire LA1 2EY3
£160K12/220.81 mi48, Beaumont Place, Lancaster, Lancashire LA1 2EY3
£140K10/230.81 mi9, Beaumont Place, Lancaster, Lancashire LA1 2EY3
£135K07/230.81 mi47, Beaumont Place, Lancaster, Lancashire LA1 2EY3
£195K05/230.83 mi11, Pollard Place, Lancaster, Lancashire LA1 2EL3
£425K02/210.84 mi3, Peacock Lane, Hest Bank, Lancaster, Lancashire LA2 6EN3
£125K09/230.85 mi11, Hammerton Hall Close, Lancaster, Lancashire LA1 2JX3
£295K06/210.86 mi1, Peacock Crescent, Hest Bank, Lancaster, Lancashire LA2 6EW3
£330K09/230.86 mi15, Peacock Crescent, Hest Bank, Lancaster, Lancashire LA2 6EW3
£385K03/210.86 mi18, Peacock Crescent, Hest Bank, Lancaster, Lancashire LA2 6EW3
£200K10/230.87 mi6, Tall Trees, Lancaster, Lancashire LA1 2LD3
£215K10/230.88 mi2, Green Lane, Lancaster, Lancashire LA1 2EW3
£144K08/210.88 mi3, Green Lane, Lancaster, Lancashire LA1 2EW3
£240K06/230.88 mi4, Green Lane, Lancaster, Lancashire LA1 2EW3
£105.5K04/210.89 mi36, Howgill Avenue, Lancaster, Lancashire LA1 2HG3
£350K01/210.9 mi15a, Hatlex Hill, Hest Bank, Lancaster, Lancashire LA2 6ET3
£136K01/210.93 mi35, Greenset Close, Lancaster, Lancashire LA1 2PW3
£120K07/210.93 mi45, Whalley Road, Lancaster, Lancashire LA1 2HE3
£116K11/200.93 mi51, Whalley Road, Lancaster, Lancashire LA1 2HE3
£325K09/230.93 mi12, Hatlex Drive, Hest Bank, Lancaster, Lancashire LA2 6HA3
£220K12/200.95 mi33, Betony, Morecambe, Lancashire LA4 6JD3
£268K01/210.95 mi27, Betony, Morecambe, Lancashire LA4 6JD3
£131K10/230.96 mi7, Howgill Avenue, Lancaster, Lancashire LA1 2HF3
£430K11/200.96 mi33, Hatlex Lane, Hest Bank, Lancaster, Lancashire LA2 6EZ3
£126K09/210.98 mi15, Beaumont Street, Lancaster, Lancashire LA1 2JE3
£139.9K05/230.98 mi19, Beaumont Street, Lancaster, Lancashire LA1 2JE3
£108K01/210.98 mi19, Beaumont Street, Lancaster, Lancashire LA1 2JE3
£188K09/230.99 mi12, Leyburn Road, Lancaster, Lancashire LA1 2HZ3
£205K04/210.99 mi16, Coastal Road, Hest Bank, Lancaster, Lancashire LA2 6HN3

Local Rents

14 rents from £750/mo to £1.5K/mo, average is £878/mo.

RentDateDistanceAddressBeds 
£95006/240.8 mi-3
£95006/240.8 miBeaumont Place, Lancaster, LA13
£90004/240.81 mi-3
£90004/240.81 miBeaumont Place, Lancaster, LA13
£75005/240.88 miHowgill Avenue, Lancaster3
£87506/240.9 mi-3
£87503/250.9 mi-3
£87506/240.92 mi-3
£87505/240.92 miAughton Court, Lancaster, LA13
£88005/241.11 miVale Road, Lancaster, LA13
£87507/241.15 mi-3
£82510/241.15 mi-3
£95006/241.18 miKayswell Road, Torrisholme, Morecambe3
£1,50007/241.23 miEssex Road, Torrisholme3

Local Area Statistics

Population in LA2

21,979

Population in Lancaster

74,075

Town centre distance

2.75 miles away

Nearest school

0.50 miles away

Nearest train station

1.31 miles away

 

 

Rental demand

Tenant's market

Rental growth (12m)

+7%

Sales demand

Buyer's market

Capital growth (5yrs)

+18%

Property History

Listed for £500,000

January 17, 2025

Floor Plans

Description

'Rusha-Lea' is a spacious, extended three bedroom detached true bungalow situated via a private road off Hest Bank Lane in this highly sought after village location. Conveniently located for the Londis store/post office, canal waterway, sea shore walks and the M6 link road. The accommodation is part uPVC double glazed, has electric radiators and briefly comprises: side entrance into the generous size kitchen, inner hallway, large lounge/diner extension, three bedrooms and bathroom. Outside the property there is a detached garage, stable and tack room. The 'jewel in the crown' however is the extensive lawned garden which encompasses the property to three sides. Very rarely do plots of land of this size become available for sale and although the bungalow is in need of modernisation throughout, interest is sure to be strong due to the property's enormous potential. Internal viewings are highly recommended. Sold with vacant possession and NO UPWARD CHAIN.

MAIN ENTRANCE
Outside light. Canopy over the front door. Steps to the front door. Timber front door leading into the kitchen.

KITCHEN 4.02m x 4.44m
(13'2'' x 14'7'')
uPVC double glazed window. Timber window. Electric radiator. Fitted kitchen furniture comprising: base units, display cabinet, wall units and drawers. Complementary working surfaces to three walls, inset sink. Space for an electric oven, washing machine, dryer and fridge freezer. Part tiled to three walls. Ceiling lights. Electric power points.

INNER HALLWAY 2.88m x 3.49m
(9'5'' x 11'5'')
Electric radiator. Telephone point. Coat hooks. Ceiling lights. Power point.

LIVING/DINING ROOM 5.75m (max) x 8.16m (max)
(18'10'' x 16'9'')
French doors leading out to the rear garden. Further rear door. Windows looking out to the gardens. Inset electric fire with stone hearth. Electric radiator. Ceiling lights. Electric power points.

BEDROOM ONE 5.66m x 3.73m
(18'7'' x 12'3'')
Four windows. Electric radiator. Ceiling lights. Electric power points.

BEDROOM TWO 3.99m (max) x 3.41m
(13'1'' x 11'2'')
uPVC double glazed window. Electric radiator. Fitted wardrobes to one wall. Ceiling light. Electric power point.

BEDROOM THREE 2.60m x 2.44m
(8'6'' x 8'0'')
uPVC double glazed window. Electric radiator. Ceiling light. Electric power point.

BATHROOM/WC 3.50m (max) x 2.24m
(11'6'' x 7'4'')
uPVC double glazed pattered window. Four piece bathroom suite comprising fully tiled shower cubicle with electric shower, bath with twin grips and held shower fitment, wash hand basin and wc. Wall mounted bathroom cabinets. Access into the roof space. Storage cupboard housing the water cylinder tank. Ceiling light.

DRIVEWAY
Shared tarmacadam driveway off Hest Bank Lane leading to the detached garage and private driveway providing off-road parking for a number of vehicles.

GARAGE 3.06m x 5.41m
(10'0'' x 17'9'')
Detached garage accessed via a manual up and over door. Outside light. Side window. Power and light. Fuse box.

GARDEN AREAS TO THREE SIDES
Extensive lawned gardens. Mature shrubs and trees. Covered seating area. Ornamental pond. Potting shed. Timber garden shed. Raised flower borders. Surround by natural hedging and trees. Three outside cold water taps.

STABLE 3.63m x 3.59m
(11'11'' x 11'9'')
Timber window. Light. Stable door. Outside light.

TACK ROOM 2.05m x 3.59m
(6'9'' x 11'9'')
Timber window. Light.

TENURE: Freehold

SERVICES: Mains water, mains drainage, mains electricity, NO mains gas. Local Authority Lancaster City Council. Council Tax Band E. Amount payable for the financial year 2024/25 being £2824.59. Please note that this is a verbal enquiry only. We strongly recommend that prospective purchasers verify the information direct.

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

Agent Details

ibay Homes, Morecambe

01524 952012

Next Steps?

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