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Mornington Street, Leicester LE5

East Midlands

£195,000
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 -5.2% below area average per sq ft

-5.2%
Potential saving
This Property
£269/sq ft
Area Average
£284/sq ft
Avg Rent (weekly)
£245
Avg Yield
4.3%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£15,000 - £30,000
Target Value
£226,211
10% above area average per sq ft
Potential ROI
+0.5%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
33
Average per month
Market Turnover
14%
Properties sold annually

Local Market Trend (LE5)

Area prices are rising by +2.1% over the last 12 months
3 year growth: 8.3%
5 year growth: 24.8%
Investment Disclaimer: Analysis based on LE5 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. 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
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£714
Based on a loan of £146,250 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE