Latest Valuation
£70,000
ROCE
%
Location

Discounted Refurb Opportunity with 23% ROCE

Refinance to pull money out
Guide Price
£56,000

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Key Features

  • 20% BMV
  • 23% Yearly ROCE
  • 10% Yield
  • City Centre Location
  • Potential to add a Bedroom
  • Refinance to pull Money out

The Property

Sourced are pleased to offer this 2 bedroom, mid-terrace property, situated in Carlisle, close to local infant/primary schools and within walking distance to the city centre.

The accommodation comprises of a lounge open to a dining room, kitchen and hallway. To the first floor there are 2 double bedrooms and a bathroom with a modern 3 piece suite. The property also benefits from double glazing, central heating and rear enclosed yard.

The plan is to carry out a light refurbishment throughout the property, to add value and generate the highest possible rental yield.

We can assist with the building works, if required, as we have contractors available locally. Once refurbished, the property will value at £77,000 and will achieve a monthly rent of £450+.

One refinanced at the new valuation, there will be just £11,000 left in the deal and the property will generate a net ROCE of 23% after agent fees, maintenance, voids and mortgage costs.

The property is currently vacant and we have agreed a price of £55,000, which is 20% below market value.

The Financials:
Purchase price: £56,000
Valuation: £70,000
Refurb cost: £1,000
Sourcing fee: £3,500
Rental income: £5,400 pa

Planning Information

N/A

The Plan

The plan is to carry out a light refurbishment throughout the property, to add value and generate the highest possible rental yield.

We can assist with the building works, if required, as we have contractors available locally. Once refurbished, the property will value at £77,000 and will achieve a monthly rent of £450+.

One refinanced at the new valuation, there will be just £11,000 left in the deal and the property will generate a net ROCE of 23% after agent fees, maintenance, voids and mortgage costs.

The property is currently vacant and we have agreed a price of £55,000, which is 20% below market value.

There is also potential to carry out a loft conversion to add a third bedroom and add even more value to the property.

The Location

Carlisle is a 2000 year old city with two Areas of Outstanding Natural Beauty and one World Heritage Site.

The city and the surrounding areas offer many attractions, which cater for all ages and interests. From exploring the historic castle and the Cumbria Museum of Military Life to enjoying farm parks, ice-skating and shopping centres.

Average estimated value for a house in

£94,084

The average price for the property's postcode stood at £94,084 in March 2020. This is a rise of 1.28% in the last three months (since December 2019) and rise of 3.98% since 12 months ago.

In terms of property types, flats in the area sold for an average of £101,007 and terraced houses for £94,084. This is according to the current Zoopla estimates.