Shaftesbury Grove, Heaton, Newcastle Upon Tyne NE6

This two-bedroom ground floor flat presents a unique opportunity to acquire a property at a notably cheap asking price of £165/sqf, which is 16.7% below the local average of £198/sqf. Located conveniently near local amenities and transport links, it offers potential for high rental yield. However, the overall condition of the property shows multiple signs of neglect, with dated interiors and visible wear throughout, including worn flooring and walls in the bedrooms, and an overgrown garden area. The kitchen and bathroom also require significant updates, making this a heavy refurbishment project.

While the low asking price is attractive, the all-in cost of £220,000—comprising the asking price and an estimated renovation budget of £80,000 to £120,000—leaves little room for profit compared to local property values. With extensive works needed, including a full gut and remodel, potential buyers should be prepared for a significant commitment to restore this flat to its best condition. The visible damp issues present add to the challenge, underscoring the need for careful evaluation before proceeding.