Worst House on the Street Logo
Mornington Street, Leicester LE5 - Image 1
Mornington Street, Leicester LE5 - Image 2
Mornington Street, Leicester LE5 - Image 3
Mornington Street, Leicester LE5 - Image 4
Mornington Street, Leicester LE5 - Image 5
Mornington Street, Leicester LE5 - Image 6
Mornington Street, Leicester LE5 - Image 7
Mornington Street, Leicester LE5 - Image 8
Mornington Street, Leicester LE5 - Image 9

Mornington Street, Leicester LE5

East Midlands

£201,000
Listed on 28/09/2024

Property Details

Bedrooms
2
Type
Terraced house
Area
725 sqft

Description

This freehold property, located in the desirable Spinney Hill area of Leicester, offers a compelling opportunity for both first-time buyers and investors. The home is conveniently situated within walking distance of essential amenities, including shops, schools, and local nurseries, making it an ideal choice for families or those seeking a vibrant community atmosphere. Currently occupied by tenants, this property presents an immediate income-generating opportunity for investors. The strong demand for rentals in this sought-after location ensures a steady flow of potential tenants, providing financial security from day one. Should you prefer to occupy the home yourself, arrangements can be made for a vacant possession upon purchase. The house itself is in need of modernization, providing a blank canvas for new owners to infuse their personal style and enhance its value. With spacious rooms that include a through lounge measuring 27’05 x 10’09 and two bedrooms on the first floor (11’10 x 10’10 and 15’05 x 07’09), there is significant potential to create an inviting living space. The bathroom features standard fittings that could be upgraded to reflect contemporary tastes. An L-shaped garden at the back adds outdoor space that can be transformed into a relaxing retreat or entertainment area. Additionally, with close proximity to well-regarded schools and excellent transport links to Leicester city center and beyond, this location offers both convenience and lifestyle benefits. Whether looking to invest or make this your own home, this property stands out as a promising option granted its renovation potential and strategic setting. Consider scheduling a viewing to explore the possibilities that await in this lively neighborhood.

Investment Analysis

(LE5 area)

Below Market Value

This property is priced -1.5% below area average per sq ft

-1.5%
Potential saving
This Property
£277/sq ft
Area Average
£282/sq ft
Avg Rent (weekly)
£264
Avg Yield
4.6%

Renovation Potential

Est. Renovation Cost
£20,100 - £50,250
10-25% of property value
Target Value
£224,496
10% above area average per sq ft
Potential ROI
-10.6%
After renovation
Monthly Sales
23
Average per month
Market Turnover
23%
Properties sold annually

Local Market Trend (LE5)

Area prices are rising by +4.2% over the last 12 months
3 year growth: 10.6%
5 year growth: 29.6%
Investment Disclaimer: Analysis based on LE5 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Mornington Street, Leicester LE5
Map showing location of Mornington Street, Leicester LE5
Open Map