Address: 151 Bellevue, Dublin 8.

Agent: HOK.

Apartment type: two-bedroom, second floor apartment for €340,000.

What do you get? Approximately 66 sq m (720 sq ft) in a modern apartment development off the South Circular Road at Islandbridge. The apartment has wooden floors throughout and a large bay window in the sittingroom, which is dual-aspect and offers views of the Phoenix Park. An arch from the livingroom leads to a modern kitchen, which also overlooks the Phoenix Park. Two double bedrooms with fitted wardrobes and a tiled bathroom complete the accommodation. The apartment comes with one designated car-parking space and there is visitor car-parking to the front of the complex.

Where? Built three years ago, Bellevue is located off the South Circular Road between the Phoenix Park and the River Liffey, offering residents a private and tranquil location in the city.

Some of the approximately 200 apartments are located in a revamped mill building and residents have direct access to the Memorial Park from the development. A waterfront boulevard for strollers and fishing is another feature of the complex. Bellevue is a short bus trip into the city, either from Conyngham Road or from Kilmainham at the opposite end of Memorial Park. The Luas stop at Heuston Station is nearby.

What will it cost an investor to buy? Based on an 85 per cent loan over 25 years, the monthly repayments would be around €1,476.20 per month based on a standard variable buy-to-let rate of 3.7 per cent. On an interest-only loan you are looking at around €891.69 per month.

What will it cost to buy? On a 92 per cent mortgage at a standard variable rate of 3.3 per cent, the repayments would be €1,255.17 per month over 35 years. On a tracker product at 3.1 per cent, the repayments would be around €1,219.93 per month over 35 years.

A one-year fixed rate, currently 2.75 per cent, is very popular and means that repayments in the first year would be around €1,159.52 for this mortgage.

Single income required: a first-time buyer would require a salary of €65,000.

Joint income required: a couple would require a combined income of around €44,000 (total of €88,000) to fund this mortgage over 35 years.

Stamp duty: €15,300 for a first-time buyer and €20,400 for an investor.

Service charge: €1,600.

Solicitor's fees: traditionally 1 per cent of price plus land registry fees and VAT. Some solicitors are willing to negotiate a fixed fee.

Potential rental: rental return in this complex for a two-bed apartment is around €1,100 to €1,200 per month, according to the selling agents. The shortfall on an 85 per cent investment mortgage over 25 years would be between €270 and €370 per month with a surplus of between €200 or €300 on an interest-only 85 per cent mortgage.

Verdict: capital appreciation looks good in this up-and-coming area. In 2002, when the scheme first came on the market, a two-bedroom apartment at Bellevue would have cost around €280,000. Last year a similar sized unit sold for €317,500.

Mortgage calculations by AIB