3 Bed Bungalow, Refurb/BRRR, Colchester, CO2 0AL, £325,000

18 Chestnut Avenue, Colchester, Essex, CO2 0AL. - 5 views - 3 months ago

Sold STC
Refurb/BRRR
ROI: 4%
~93 m²
+11 photos

ValuationOvervalued

Sold Prices£202K - £452K
Sold Prices/m²£1.6K/m² - £4.6K/m²

 

 

Square Metres

~93 m²
Price/m²£3.5K/m²

Value Estimate

£279,252

 

 

End Value (After Refurb)

£303,951

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£81,250

Stamp Duty & Legal Fees

£14,700

Refurb Costs

£44,000

Bridging Loan Interest

£8,531

Total Cash In

£150,231

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£303,951

Mortgage (After Refinance)

£227,963

Mortgage LTV

75%

Cash Left In

£150,231

Equity

£75,988

Rent Range

£1,350 - £4,000

Rent Estimate

£1,891

Running Costs/mo

£1,348

Cashflow/mo

£543

Cashflow/yr

£6,515

ROI

4%

Gross Yield

7%

Local Sold Prices

50 sold prices from £202K to £452K, average is £262.5K. £1.6K/m² to £4.6K/m², average is £3.1K/m².

PriceDateDistanceAddressBeds 
£290K06/230.04 mi27, Ash Grove, Colchester, Essex CO2 0AH3
£260K12/200.04 mi35, Ash Grove, Colchester, Essex CO2 0AH3
£204K12/200.04 mi3, Ash Grove, Colchester, Essex CO2 0AH3
£270K02/230.04 mi5, Ash Grove, Colchester, Essex CO2 0AH3
£215K01/210.04 mi28, Ash Grove, Colchester, Essex CO2 0AH3
£360K12/210.09 mi4, Blenheim Drive, Colchester, Essex CO2 0AR3
£290K06/210.1 mi94, Finchingfield Way, Colchester, Essex CO2 0AU3
£235K03/210.1 mi82, Finchingfield Way, Colchester, Essex CO2 0AU3
£452K11/200.11 mi62, Blackheath, Colchester, Essex CO2 0AD3
£243.5K02/210.13 mi32, Wethersfield Road, Colchester, Essex CO2 0BB3
£230K03/210.16 mi102, Adelaide Drive, Colchester, Essex CO2 8UX3
£360K08/210.18 mi8, Blackheath, Colchester, Essex CO2 0AA3
£280K12/220.2 mi98, Lethe Grove, Colchester, Essex CO2 8RH3
£218K12/200.2 mi82, Lethe Grove, Colchester, Essex CO2 8RQ3
£215K02/210.21 mi61, Onslow Crescent, Colchester, Essex CO2 8UW3
£265K06/230.21 mi87, Onslow Crescent, Colchester, Essex CO2 8UW3
£250K11/200.22 mi127, Friday Wood Green, Colchester, Essex CO2 8XF3
£268K04/230.22 mi14, Lethe Grove, Colchester, Essex CO2 8RG3
£235K03/210.23 mi2, Rockhampton Walk, Colchester, Essex CO2 8UJ3
£325K12/220.25 mi4, Bardfield Road, Colchester, Essex CO2 8LW3
£223K04/210.26 mi25, Bardfield Road, Colchester, Essex CO2 8LW3
£230K02/210.27 mi13, Terling Close, Colchester, Essex CO2 8LS3
£295K11/220.28 mi119, Lethe Grove, Colchester, Essex CO2 8RH3
£293K01/210.29 mi18, Rose Allen Avenue, Colchester, Essex CO2 8WL3
£310K04/230.29 mi4, Rose Allen Avenue, Colchester, Essex CO2 8WL3
£213.2K11/210.31 mi25, Sydney Street, Colchester, Essex CO2 8UP3
£235K04/210.31 mi8, Agnes Silverside Close, Colchester, Essex CO2 8WN3
£270K09/210.33 mi103, Monkwick Avenue, Colchester, Essex CO2 8LR3
£225K03/210.35 mi26, William Harris Way, Colchester, Essex CO2 8WJ3
£310K06/210.35 mi52, William Harris Way, Colchester, Essex CO2 8WJ3
£307.5K02/210.35 mi8, Richard Day Walk, Colchester, Essex CO2 8XQ3
£255K10/200.36 mi4, Darwin Close, Colchester, Essex CO2 8US3
£275K11/200.38 mi61, John Mace Road, Colchester, Essex CO2 8WW3
£267K03/230.38 mi31, Queensland Drive, Colchester, Essex CO2 8UD3
£237.5K04/210.39 mi156, Monkwick Avenue, Colchester, Essex CO2 8NA3
£322K12/220.39 mi8, John Hammond Close, Colchester, Essex CO2 8WT3
£255K09/210.4 mi16, Moy Road, Colchester, Essex CO2 8NZ3
£227.5K12/200.4 mi29, Moy Road, Colchester, Essex CO2 8NZ3
£230K12/200.42 mi27, Brisbane Way, Colchester, Essex CO2 8UG3
£240K02/210.42 mi21, Brisbane Way, Colchester, Essex CO2 8UG3
£330K09/210.46 mi35, Travers Road, Colchester, Essex CO2 9FH3
£325K03/230.47 mi16, Travers Road, Colchester, Essex CO2 9FH3
£326K11/220.47 mi6, Travers Road, Colchester, Essex CO2 9FH3
£288K11/200.5 mi27, Henry Everett Grove, Colchester, Essex CO2 9FX3
£244K05/210.51 mi7, Parnell Close, Colchester, Essex CO2 8PF3
£202K06/210.51 mi66, Queensland Drive, Colchester, Essex CO2 8UQ3
£210K12/200.51 mi64, Queensland Drive, Colchester, Essex CO2 8UQ3
£230K12/200.51 mi62, Queensland Drive, Colchester, Essex CO2 8UQ3
£305K01/230.51 mi52, Queensland Drive, Colchester, Essex CO2 8UQ3
£340K07/230.52 mi3, Builder Gardens, Colchester, Essex CO2 9FT3

Local Rents

12 rents from £1.4K/mo to £4K/mo, average is £1.6K/mo.

RentDateDistanceAddressBeds 
£1,37012/240.19 miWyndham Close, Colchester, CO23
£1,40001/250.22 mi-3
£1,40001/250.22 mi-3
£1,50012/240.23 miBerechurch Hall Road, Colchester, CO23
£1,35012/240.23 miRockhampton Walk, Colchester, Essex, CO23
£4,00004/250.29 mi-3
£1,60012/240.32 miWilliam Harris Way, Colchester, Essex, CO23
£1,45012/240.46 miPrince Philip Road, Colchester3
£1,80004/250.52 mi-3
£3,30004/250.52 mi-3
£1,65002/250.52 mi-3
£1,70012/240.59 mi-3

Local Area Statistics

Population in CO2

33,440

Population in Colchester

214,734

Town centre distance

2.26 miles away

Nearest school

0.70 miles away

Nearest train station

1.97 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+63%

Sales demand

Balanced market

Capital growth (5yrs)

+27%

Property History

Listed for £325,000

January 21, 2025

Description

  • Positioned To The South Of Colchester & Within Easy Access Of A Range Of Amenities +
  • Offered To Market With No Onward Chain! +
  • Garage & Driveway For Multiple Vehicles +
  • In Need Of Complete Modernisation Throughout +
  • A Prime Example Of A Three Bedroom Detached Bungalow +
  • Spacious Reception Room +
  • Private & Enclosed Garden +
  • Withing A Short Distance To Mersea Island +

Guide Price £325,000 to £350,000 Offered with no onward chain, this three-bedroom detached bungalow presents a superb renovation opportunity and is ideally situated with excellent access to Colchester City Centre. Conveniently located within walking distance of well-served bus routes, the property offers easy connections to Colchester, nearby amenities, and beyond. It’s an excellent choice for first-time buyers, downsizers, or investors seeking to create a personalized home.The property enjoys proximity to a variety of local amenities, including a post office, bakery, and pharmacy. It is also well-connected via regular bus services to the city centre, Colchester train station (with mainline links to London Liverpool Street), and the picturesque Mersea Island. Internally, the bungalow offers plenty of potential for light modernisation to make it truly your own. The accommodation comprises a welcoming entrance hallway, a spacious reception room, and two double bedrooms, complemented by a third single bedroom or study. The open-plan kitchen/dining area provides a functional space with further potential, alongside a utility area. A family bathroom suite and a separate cloakroom complete the layout. Externally, the property benefits from a private and manageable garden, enclosed by panel fencing, shrubs, and trees. The garden includes a small garden room, a timber shed, and an external door providing access to the garage. Additionally, side access leads to a large driveway, offering ample parking for multiple vehicles. This property offers a rare chance to create a dream home in a highly desirable location with excellent transport links and amenities.

Agent Details

Michaels Property Consultants Ltd, Colchester

01206 586143

Next Steps?

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

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