2 Bed Semi-Detached House, Cash/Bridging Only, Newcastle upon Tyne, NE15 6EG, £156,995

Chapel Rigg Drive, Scotswood, Newcastle Upon Tyne, NE15 6EG - 2 months ago

Sold STC
Cash
ROI: 4%
~68 m²
+10 photos

ValuationOvervalued

Sold Prices£93K - £230K
Sold Prices/m²£1.3K/m² - £2.8K/m²

 

 

Square Metres

~68.11 m²
Price/m²£2.3K/m²

Value Estimate

£129,387

 

 

End Value (After Refurb)

£153,000

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£39,249

Stamp Duty & Legal Fees

£5,910

Refurb Costs

£26,229

Bridging Loan Interest

£4,121

Total Cash In

£77,259

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£153,000

Mortgage (After Refinance)

£114,750

Mortgage LTV

75%

Cash Left In

£77,259

Equity

£38,250

Rent Range

£600 - £2,080

Rent Estimate

£921

Running Costs/mo

£682

Cashflow/mo

£239

Cashflow/yr

£2,864

ROI

4%

Gross Yield

7%

Local Sold Prices

50 sold prices from £93K to £230K, average is £134.8K. £1.3K/m² to £2.8K/m², average is £1.9K/m².

PriceDateDistanceAddressBeds 
£95K07/230.19 mi11, Sandmere Place, Newcastle Upon Tyne, Tyne And Wear NE15 6UD2
£100K03/210.21 mi44, Howlett Hall Road, Newcastle Upon Tyne, Tyne And Wear NE15 7HS2
£97K01/230.21 mi3, Howlett Hall Road, Newcastle Upon Tyne, Tyne And Wear NE15 7HS2
£93K12/200.21 mi6, Howdene Road, Newcastle Upon Tyne, Tyne And Wear NE15 7HT2
£110K10/230.21 mi6, Howdene Road, Newcastle Upon Tyne, Tyne And Wear NE15 7HT2
£130K11/200.23 mi22, Castleside Road, Newcastle Upon Tyne, Tyne And Wear NE15 7DS2
£165K05/230.27 mi41, Ronald Drive, Newcastle Upon Tyne, Tyne And Wear NE15 7BA2
£144K12/200.33 mi72, Earls Drive, Newcastle Upon Tyne, Tyne And Wear NE15 7AL2
£126K06/210.34 mi11, Fergusons Lane, Newcastle Upon Tyne, Tyne And Wear NE15 7DX2
£155K08/230.34 mi7, Embassy Gardens, Newcastle Upon Tyne, Tyne And Wear NE15 7BB2
£96K02/210.35 mi30, Bexley Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DD2
£138K06/210.35 mi32, Bexley Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DD2
£143K10/210.35 mi8, Bexley Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DD2
£143.2K02/210.35 mi90, Earls Drive, Newcastle Upon Tyne, Tyne And Wear NE15 7DL2
£125.5K02/240.37 mi19, Ormonde Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7AH2
£110K12/230.37 mi18, Bainford Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7AP2
£116K10/210.38 mi29, Kinnaird Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DJ2
£135.5K09/230.38 mi37, Kinnaird Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DJ2
£113K04/210.4 mi11, Hayleazes Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TQ2
£134K05/210.4 mi8, Overdene, Newcastle Upon Tyne, Tyne And Wear NE15 7TS2
£142.3K01/230.4 mi5, Overdene, Newcastle Upon Tyne, Tyne And Wear NE15 7TS2
£160K03/240.4 mi46, Bexley Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DE2
£160K03/240.4 mi46, Bexley Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DE2
£160K05/240.4 mi48, Bexley Avenue, Newcastle Upon Tyne, Tyne And Wear NE15 7DE2
£150K06/210.42 mi4, Castlenook Place, Newcastle Upon Tyne, Tyne And Wear NE15 7TT2
£162K04/240.42 mi2, Allchurch, Newcastle Upon Tyne, Tyne And Wear NE15 7PW2
£160K02/230.43 mi43, Milburn Drive, Newcastle Upon Tyne, Tyne And Wear NE15 7PG2
£140K12/200.43 mi3, Melrose Close, West Denton, Newcastle Upon Tyne, Tyne And Wear NE15 7SU2
£125K12/230.43 mi11, Melrose Close, West Denton, Newcastle Upon Tyne, Tyne And Wear NE15 7SU2
£130K02/230.43 mi94, Broadwood Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TB2
£102K07/210.44 mi1, Hayleazes Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TQ2
£119.5K03/230.44 mi1, Hayleazes Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TQ2
£110K06/230.44 mi52, Hayleazes Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TQ2
£120K08/240.44 mi5, Hayleazes Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TQ2
£125K09/210.45 mi96, Broadwood Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TB2
£132.5K09/230.45 mi98, Broadwood Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TB2
£125K10/230.47 mi18, Wharmlands Road, Newcastle Upon Tyne, Tyne And Wear NE15 7UB2
£170K08/240.47 mi12, Wharmlands Road, Newcastle Upon Tyne, Tyne And Wear NE15 7UB2
£150K06/210.49 mi32, Morston Drive, Newcastle Upon Tyne, Tyne And Wear NE15 7RZ2
£136K01/240.49 mi7, Pauline Gardens, Newcastle Upon Tyne, Tyne And Wear NE15 7TD2
£230K01/240.51 mi34, Gretna Road, Newcastle Upon Tyne, Tyne And Wear NE15 7PE2
£118K03/210.52 mi8, Legion Road, Newcastle Upon Tyne, Tyne And Wear NE15 7UH2
£150.1K12/220.53 mi34, Wharmlands Road, Newcastle Upon Tyne, Tyne And Wear NE15 7UD2
£160K05/240.54 mi19, Turret Road, Newcastle Upon Tyne, Tyne And Wear NE15 7TE2
£110K02/210.54 mi22, Ordley Close, Newcastle Upon Tyne, Tyne And Wear NE15 7XT2
£108K06/210.54 mi5, Heathwell Road, Newcastle Upon Tyne, Tyne And Wear NE15 7UP2
£137.5K06/210.54 mi9, Legion Grove, Newcastle Upon Tyne, Tyne And Wear NE15 7UJ2
£159.9K09/210.56 mi5, Ottershaw, Newcastle Upon Tyne, Tyne And Wear NE15 7XP2
£171K09/210.56 mi10, Ottershaw, Newcastle Upon Tyne, Tyne And Wear NE15 7XP2
£140K10/200.56 mi8, Malton Close, Newcastle Upon Tyne, Tyne And Wear NE15 7QJ2

Local Rents

17 rents from £600/mo to £2.1K/mo, average is £800/mo.

RentDateDistanceAddressBeds 
£70003/250.15 mi-2
£65005/240.19 miRavenburn Gardens, Newcastle2
£79511/240.26 mi-2
£75012/240.3 mi-2
£69512/240.39 miThorntree Court, Newcastle Upon Tyne, Tyne and Wear, NE12 9QX2
£89506/240.51 miSoftley Place, Newcastle Upon Tyne2
£60005/240.57 miSilverhill Drive, Fenham, Newcastle Upon Tyne2
£80003/250.57 mi-2
£62505/240.57 miSilverhill Drive, West Denton, NE52
£2,08009/240.58 mi-2
£99501/250.58 mi-2
£95005/240.58 mi-2
£99502/250.58 mi-2
£87503/250.58 mi-2
£99506/240.58 miChapel Rigg Drive, Scotswood2
£1,20008/240.6 mi-2
£67505/240.62 miSt. Georges Terrace Bells Close, Newcastle Upon Tyne, NE152

Local Area Statistics

Population in NE15

32,552

Population in Newcastle upon Tyne

381,037

Town centre distance

2.55 miles away

Nearest school

0.10 miles away

Nearest train station

1.50 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+22%

Sales demand

Seller's market

Capital growth (5yrs)

+11%

Property History

Listed for £156,995

January 28, 2025

Floor Plans

Description

  • Downstairs W/C +
  • Ideal First Purchase +
  • Off Street Parking +
  • Popular Development +
  • Semi Detached House +
  • Two Double Bedrooms +

Jan Mitchell Properties are delighted to bring to the market this stunning, two double bedroom semi detached home with neutral décor throughout within the ever popular The Rise development off Scotswood Road to the West of Newcastle that would make an ideal purchase for the first time buyer, down-sizer or investor alike.

Internally the property is very much ready to move into, briefly comprising:- Entrance hall with storage beneath the stairs, modern fitted kitchen within inbuilt appliances, downstairs w/c and a lounge diner with French doors opening out onto the rear garden making it perfect for entertaining.

To the first floor there are two double bedrooms with storage, and then a modern three piece family bathroom with shower over the bath.

Externally there is off street to the side and a private rear garden with lawned and paved areas.

Location
The Rise is a newly established residential area in the West of Newcastle and lies a short distance from the city centre which can be easily reached via numerous bus routes. Newcastle provides an excellent array of schooling, cultural and shopping facilities including the Metro Centre and Quayside. The A69 and A1 roads are also close at hand providing excellent transport links.

IMPORTANT NOTE TO PURCHASERS
We endeavour to make our property details accurate, however, they do not constitute or form part of an offer or any contract and are not to relied upon as statements of representation or fact. Any services, systems and appliances listed in the details have not been tested by us and no guarantee is given to their operating ability or efficiency. All the measurements and floor plans have been taken as a guide to prospective purchasers and are not to be relied upon. Please be advised that some of the information may be awaiting vendor approval. If you require clarification of further information on any points please contact us direct.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.

Tenure - We are not able to verify the tenure of the property as it is not always possible to see sight of the relevant documentation prior to marketing. Prospective purchasers must make further enquiries with their legal adviser

Council Tax Band: B (Newcastle City Council)
Tenure: Freehold

Agent Details

Jan Mitchell Properties, Covering North East

0191 625 1034

Next Steps?

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