2 Bed Flat, Refurb/BRRR, Gateshead, NE8 4QY, £58,000

66 Saltwell Place, Gateshead, NE8 4QY - 4 views - a month ago

Sold STC
Leasehold
Refurb/BRRR
ROI: 18%
52 m²
+4 photos

ValuationOvervalued

Sold Prices£40K - £114.8K
Sold Prices/m²£635/m² - £1.8K/m²

 

 

Square Metres

52 m²
Price/m²£1.1K/m²

Value Estimate

£56,837

 

 

End Value (After Refurb)

£59,722

Uplift in Value

+3%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£14,500

Stamp Duty & Legal Fees

£4,100

Refurb Costs

£19,905

Bridging Loan Interest

£1,523

Total Cash In

£41,778

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£59,722

Mortgage (After Refinance)

£44,792

Mortgage LTV

75%

Cash Released

£1,292

Cash Left In

£40,486

Equity

£14,931

Rent Range

£520 - £3,500

Rent Estimate

£1,033

Running Costs/mo

£413

Cashflow/mo

£620

Cashflow/yr

£7,437

ROI

18%

Gross Yield

21%

Local Sold Prices

50 sold prices from £40K to £114.8K, average is £73K. £635/m² to £1.8K/m², average is £1.1K/m².

PriceDateDistanceAddressBeds 
£83K04/240.02 mi10, Saltwell Place, Gateshead, Tyne And Wear NE8 4QY2
£87K11/230.02 mi72, Saltwell Place, Gateshead, Tyne And Wear NE8 4QY2
£62K03/240.05 mi45, Saltwell Street, Gateshead, Tyne And Wear NE8 4QX2
£64K01/230.06 mi15, Saltwell Street, Gateshead, Tyne And Wear NE8 4QX2
£50.5K12/200.06 mi58, Rawling Road, Gateshead, Tyne And Wear NE8 4QR2
£86K05/230.09 mi26, Hedley Street, Gateshead, Tyne And Wear NE8 4XN2
£60K03/210.1 mi239, Whitehall Road, Gateshead, Tyne And Wear NE8 4PT2
£58.8K03/210.1 mi31, Hyde Park Street, Gateshead, Tyne And Wear NE8 4QB2
£58.8K03/210.1 mi29, Hyde Park Street, Gateshead, Tyne And Wear NE8 4QB2
£58.5K03/240.12 mi157, Rawling Road, Gateshead, Tyne And Wear NE8 4QT2
£73K04/210.12 mi120, Rawling Road, Gateshead, Tyne And Wear NE8 4QT2
£70K03/230.12 mi169, Rawling Road, Gateshead, Tyne And Wear NE8 4QT2
£73K10/210.18 mi24, Bensham Avenue, Gateshead, Tyne And Wear NE8 1XT2
£42.6K03/210.18 mi36, Bensham Avenue, Gateshead, Tyne And Wear NE8 1XT2
£80.5K09/230.2 mi34, St Aidans Street, Gateshead, Tyne And Wear NE8 1YA2
£70K09/210.21 mi238, Whitehall Road, Gateshead, Tyne And Wear NE8 4PU2
£75K08/210.21 mi244, Whitehall Road, Gateshead, Tyne And Wear NE8 4PU2
£95K08/230.22 mi26, Curzon Street, Gateshead, Tyne And Wear NE8 1YD2
£82K07/210.22 mi25, Macadam Street, Gateshead, Tyne And Wear NE8 4TS2
£62K12/200.24 mi221, Rawling Road, Gateshead, Tyne And Wear NE8 4QU2
£71.8K11/210.24 mi207, Whitehall Road, Gateshead, Tyne And Wear NE8 4PS2
£71K09/230.26 mi97, Rectory Road, Gateshead, Tyne And Wear NE8 1XJ2
£54K12/220.27 mi69, Lobley Hill Road, Gateshead, Tyne And Wear NE8 4XB2
£55.3K10/230.28 mi113, Lobley Hill Road, Gateshead, Tyne And Wear NE8 4XB2
£55.3K10/230.28 mi115, Lobley Hill Road, Gateshead, Tyne And Wear NE8 4XB2
£90K10/210.29 mi76, Faraday Grove, Gateshead, Tyne And Wear NE8 4UL2
£69K04/230.29 mi35, Faraday Grove, Gateshead, Tyne And Wear NE8 4UL2
£55K10/230.29 mi23, Faraday Grove, Gateshead, Tyne And Wear NE8 4UL2
£77K11/200.29 mi78, Faraday Grove, Gateshead, Tyne And Wear NE8 4UL2
£65K12/200.3 mi82, Windsor Avenue, Gateshead, Tyne And Wear NE8 4NG2
£106K06/230.3 mi20, Fern Dene Road, Gateshead, Tyne And Wear NE8 4RX2
£94K05/210.31 mi77, Fern Dene Road, Gateshead, Tyne And Wear NE8 4RT2
£83.3K07/230.31 mi17, Windsor Avenue, Gateshead, Tyne And Wear NE8 4NU2
£62.5K05/210.33 mi52, Westbourne Avenue, Gateshead, Tyne And Wear NE8 4NP2
£55.5K02/210.33 mi30, Westbourne Avenue, Gateshead, Tyne And Wear NE8 4NP2
£79K04/210.33 mi229, Rectory Road, Gateshead, Tyne And Wear NE8 4RS2
£103K10/200.33 mi291, Rectory Road, Gateshead, Tyne And Wear NE8 4RS2
£97K06/230.33 mi106, Windsor Avenue, Gateshead, Tyne And Wear NE8 4NX2
£79K08/210.33 mi38, Maxwell Street, Gateshead, Tyne And Wear NE8 4TX2
£60K03/210.33 mi14, Maxwell Street, Gateshead, Tyne And Wear NE8 4TX2
£88K07/230.35 mi35, Westbourne Avenue, Gateshead, Tyne And Wear NE8 4NF2
£87K12/220.35 mi89, Westbourne Avenue, Gateshead, Tyne And Wear NE8 4NF2
£81K06/210.36 mi20, Arkwright Street, Gateshead, Tyne And Wear NE8 4TY2
£80K04/230.37 mi93, Fern Dene Road, Gateshead, Tyne And Wear NE8 4RU2
£63K12/200.38 mi62, Woodbine Street, Gateshead, Tyne And Wear NE8 1SS2
£91.5K04/240.41 mi123, Eastbourne Avenue, Gateshead, Tyne And Wear NE8 4NJ2
£90K07/210.41 mi169, Westbourne Avenue, Gateshead, Tyne And Wear NE8 4NR2
£40K10/230.43 mi59, Wooler Crescent, Gateshead, Tyne And Wear NE8 2TP2
£114.8K08/230.43 mi28, Saltwell View, Gateshead, Tyne And Wear NE8 4NT2
£74.5K04/210.44 mi275, Westbourne Avenue, Gateshead, Tyne And Wear NE8 4NS2

Local Rents

50 rents from £520/mo to £3.5K/mo, average is £700/mo.

RentDateDistanceAddressBeds 
£70006/230.01 mi-2
£52009/230.02 mi-2
£63011/230.03 mi-2
£62502/250.05 mi-2
£55001/240.06 mi-2
£59003/250.06 mi-2
£59004/250.06 mi-2
£59507/240.07 mi-2
£59503/250.07 mi-2
£67503/250.07 mi-2
£75003/250.08 mi-2
£65006/240.08 mi-2
£59503/250.08 mi-2
£79506/240.08 miWhitehall Road, Gateshead, NE82
£3,50004/250.09 mi-2
£62504/250.09 mi-2
£62504/250.09 mi-2
£72507/240.1 miWhitehall Road, Bensham, Gateshead, Tyne And Wear, NE82
£85005/230.1 mi-2
£60008/240.1 mi-2
£89509/240.11 mi-2
£75007/240.13 miWestminster Street, Gateshead2
£60011/240.14 mi-2
£67506/240.14 miNewbury Avenue, Gateshead, Tyne and Wear, NE82
£75009/230.16 mi-2
£70002/240.16 mi-2
£65006/240.18 miBalfour Street, Gateshead, NE82
£3,50004/250.19 mi-2
£59507/230.2 mi-2
£67502/250.2 mi-2
£70001/250.21 mi-2
£1,95006/240.22 mi-2
£1,95007/240.22 mi-2
£1,95001/250.22 mi-2
£1,85002/250.22 mi-2
£1,75004/250.22 mi-2
£70002/250.22 mi-2
£70006/240.22 mi-2
£1,85006/240.23 mi-2
£1,85012/240.23 mi-2
£1,75004/250.23 mi-2
£59506/240.24 miRayleigh Grove, Gateshead, NE82
£65006/240.24 miRectory Road, Bensham, Gateshead, Tyne and Wear, NE8 4RQ2
£52011/230.26 mi-2
£72504/250.28 mi-2
£85007/240.28 mi183 Rectory Road, Gateshead, Tyne And Wear, NE82
£3,50004/250.28 mi-2
£62508/240.29 mi-2
£59511/230.29 mi-2
£75006/240.3 mi-2

Local Area Statistics

Population in NE8

32,358

Population in Gateshead

122,353

Town centre distance

1.36 miles away

Nearest school

0.10 miles away

Nearest train station

1.03 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+64%

Sales demand

Balanced market

Capital growth (5yrs)

+15%

Property History

Listed for £58,000

March 14, 2025

Floor Plans

Description

  • Rental Yield 9% Approximately (rent review required with current tenant) +
  • Excellent Size Lounge/Dining Area +
  • Private Rear Yard +
  • Modernisation Work Required +
  • Popular Location For Investors/First Time Buyers +
  • Situated On The First Floor +
  • Fitted Kitchen +
  • Three Piece Family Bathroom +
  • EPC Rating - D +
  • Viewings Highly Recommended +

An excellent opportunity for first time buyers and investors this excellent size first floor flat requires modernisation and is offered with no onward chain...

Nestled in the central Saltwell Place, this two-bedroom flat presents an excellent opportunity for both first-time buyers and savvy investors. Spanning 602 square feet, the property offers a spacious and inviting open-plan lounge and dining area. While the flat requires some modernisation, this presents a unique chance for you to personalise the space to your taste and style. The internal accommodation briefly comprises of an entrance hall with stairs to the first floor leading to a landing space. Following on from this is two well proportioned bedrooms, the largest of which has a feature bay window. An excellent size lounge/dining area leads onto a fitted kitchen and white family bathroom. Externally there is an enclosed rear yard with double gated access. Viewings are highly recommended.

Bensham and Saltwell is located close to Gateshead town centre and boasts some of the borough's best leisure and cultural facilities.This includes the award-winning Saltwell Park, the Shipley Art Gallery, Gateshead Central Library. It even has its own independent theatre in The Little Theatre on Saltwell View.The neighbourhood has local shopping areas on Coatsworth Road and Saltwell Road, many primary and Jewish schools, and lots of parks and open spaces. Bensham and Saltwell has a mixture of homes. These include different styles of houses built between the late 1890s and 1980s, and many terraced and Tyneside flats built before 1919.

Agent Details

Bell Estate Agents, Gateshead

0191 625 0825

Next Steps?

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