2 Bed Flat, Refurb/BRRR, Cramlington, NE23 2YA, £85,000

Oakley Drive, Cramlington, Northumberland, NE23 2YA - 2 views - 2 months ago

Leasehold

Refurb/BRRR

ROI: 3%

~68 m²

+7 photos

ValuationFair Value

Sold Prices	£40K - £125K
Sold Prices/m²	£756/m² - £2.3K/m²

Square Metres	~68.11 m²
Price/m²	£1.2K/m²
Value Estimate	£86,700£86,700

End Value (After Refurb)	£116,973£116,973
Uplift in Value	+38%+38%

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£21,250£21,250
Stamp Duty & Legal Fees	£5,450£5,450
Refurb Costs	£26,073£26,073
Bridging Loan Interest	£2,231£2,231
Total Cash In	£56,754£56,754

Cash Out
Monetisation	FlipRefinance & RentRefinance & Rent
Revaluation	£116,973£116,973
Mortgage (After Refinance)	£87,730£87,730
Mortgage LTV	75%75%
Cash Released	£23,980£23,980
Cash Left In	£32,774£32,774
Equity	£29,243£29,243
Rent Range	£520 - £875£520 - £875
Rent Estimate	£658
Running Costs/mo	£517£517
Cashflow/mo	£141£141
Cashflow/yr	£1,690£1,690
ROI	3%3%
Gross Yield	9%9%

Local Sold Prices

32 sold prices from £40K to £125K, average is £76.3K. £756/m² to £2.3K/m², average is £1.3K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£78K	02/21	0.02 mi	10, Otley Close, Cramlington, Northumberland NE23 2YP	£1,560	50	2	Flat
£82K	08/22	0.11 mi	6, Huntingdon Drive, Cramlington, Northumberland NE23 2FA	£1,491	55	2	Flat
£74K	05/22	0.11 mi	10, Huntingdon Drive, Cramlington, Northumberland NE23 2FA	£1,298	57	2	Flat
£56K	04/23	0.12 mi	30, Oxford Avenue, Eastfield Green, Cramlington, Northumberland NE23 2YL	-	-	2	Flat
£125K	03/23	0.13 mi	13, Hertford Grove, Cramlington, Northumberland NE23 2FL	£2,315	54	2	Flat
£74K	04/21	0.18 mi	12, Hickstead Grove, Cramlington, Northumberland NE23 2FF	£1,574	47	2	Flat
£85K	07/23	0.18 mi	6, Hickstead Grove, Cramlington, Northumberland NE23 2FF	£1,518	56	2	Flat
£70.5K	11/20	0.25 mi	7, Portland Gardens, Cramlington, Northumberland NE23 2QD	£1,306	54	2	Flat
£82.5K	04/21	0.33 mi	19, Poole Close, Cramlington, Northumberland NE23 2QB	£1,447	57	2	Flat
£112K	11/22	0.52 mi	11, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,600	70	2	Flat
£95K	12/20	0.52 mi	16, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,347	71	2	Flat
£90K	07/21	0.52 mi	5, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,233	73	2	Flat
£100K	10/22	0.52 mi	16, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,418	71	2	Flat
£79K	03/21	0.52 mi	23, Reigate Square, Cramlington, Northumberland NE23 1NW	£1,274	62	2	Flat
£60K	08/23	0.73 mi	29, Falmouth Walk, Cramlington, Northumberland NE23 1RU	£1,250	48	2	Flat
£77K	04/21	0.79 mi	1, Hastings Terrace, Shankhouse, Cramlington, Northumberland NE23 3JE	-	-	2	Flat
£77K	06/22	0.81 mi	3, Craigend, Cramlington, Northumberland NE23 6LF	£1,540	50	2	Flat
£40K	05/21	0.88 mi	101, Doxford Place, Cramlington, Northumberland NE23 6DX	£756	53	2	Flat
£46K	07/22	0.9 mi	32, Alexandra Way, Cramlington, Northumberland NE23 6EB	£836	55	2	Flat
£89K	11/22	0.91 mi	37, Crofthead Drive, Cramlington, Northumberland NE23 6LG	£1,561	57	2	Flat
£69K	05/22	0.91 mi	25, Alexandra Way, Cramlington, Northumberland NE23 6EA	£1,290	53	2	Flat
£49.5K	11/20	0.91 mi	28, Alexandra Way, Cramlington, Northumberland NE23 6EB	£917	54	2	Flat
£73.5K	11/22	0.93 mi	45, Coomside, Cramlington, Northumberland NE23 6HW	£1,205	61	2	Flat
£76K	11/20	0.94 mi	46, Whitelaw Place, Cramlington, Northumberland NE23 6HY	£1,118	68	2	Flat
£72K	10/21	0.94 mi	105, Cramond Way, Cramlington, Northumberland NE23 6LB	-	-	2	Flat
£95K	01/23	0.96 mi	18, Harwood Close, Cramlington, Northumberland NE23 6AN	£1,484	64	2	Flat
£60K	03/21	0.97 mi	4, Woodhill Road, Cramlington, Northumberland NE23 6JQ	£1,176	51	2	Flat
£54K	11/21	0.97 mi	10, Woodhill Road, Cramlington, Northumberland NE23 6JQ	£1,007	54	2	Flat
£62K	05/21	1 mi	21, Harwood Close, Cramlington, Northumberland NE23 6AW	£1,000	62	2	Flat
£113K	08/23	1 mi	31, Harwood Close, Cramlington, Northumberland NE23 6AW	£1,687	67	2	Flat
£64K	06/21	1 mi	7, Weetwood Road, Cramlington, Northumberland NE23 6HT	£1,208	53	2	Flat
£76.5K	11/21	1 mi	13, Weetwood Road, Cramlington, Northumberland NE23 6HT	£1,456	53	2	Flat

Local Rents

14 rents from £520/mo to £875/mo, average is £640/mo.

Rent	Date	Distance	Address	Beds	Type
£530	05/24	0.02 mi	-	2	Flat
£875	06/24	0.24 mi	Hazelmere Crescent, Cramlington, Northumberland, NE23	2	Detached House
£600	03/24	0.26 mi	-	2	Flat
£725	06/24	0.32 mi	Drybeck Court, Cramlington, Northumberland, NE23	2	Terraced House
£595	07/24	0.42 mi	Evergreen Court, High Pit Road, Cramlington, Northumberland, NE23	2	Flat
£640	05/24	0.45 mi	-	2	Semi-Detached House
£640	05/24	0.45 mi	-	2	Semi-Detached House
£695	07/24	0.52 mi	East View Avenue, Newcastle	2	Flat
£620	12/23	0.52 mi	-	2	Flat
£520	12/23	0.54 mi	-	2	Flat
£580	08/24	0.54 mi	-	2	Flat
£750	06/24	0.55 mi	Two Bedroom Semi Detached - Chipchase Avenue, Cramlington	2	Semi-Detached House
£750	07/24	0.55 mi	Two Bedroom Semi Detached - Chipchase Avenue, Cramlington	2	Semi-Detached House
£675	08/24	0.61 mi	-	2	Semi-Detached House

Local Area Statistics

Population in NE23	39,16239,162
Population in Cramlington	39,22639,226
Town centre distance	0.90 miles away0.90 miles away
Nearest school	0.30 miles away0.30 miles away
Nearest train station	1.19 miles away1.19 miles away

Rental demand	Tenant's marketTenant's market
Rental growth (12m)	-10%-10%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+31%+31%

Property History

Listed for £85,000

February 26, 2025

Floor Plans

Description

Open aspect to the front elevation +
Generous garden +
Garage +
Two double bedrooms +
Great location in Cramlington +

Fantastic opportunity to purchase a ground floor flat with a generous garden and garage! This well located home has lots to offer and if you are looking for a ground floor flat in Cramlington then this ticks a lot of boxes.
The property is in need of some updating but has an open aspect to the front elevation and includes gas central heating and double glazing.
The living accommodation comprises entrance hallway, living room, kitchen, two double bedrooms and a bathroom. Externally there is a great garden to the rear with lawn and timber boundary and gated access.

A great location with some great travel links nearby.

Council Tax Band: A
Tenure: Leasehold
Length Of Lease: 90

Agent Details

Pattinson Estate Agents, Cramlington

01670 332737

Next Steps?

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

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