The address: 7 Greenville Court, Stradbrook Road, Blackrock, Co Dublin.
The property: two-bed second floor apartment with 67sq m (720sq ft) of space for €360,000. Set in a mature 1970s era scheme of 18 apartments, it has designated car-parking and, while well maintained, the kitchen and bathroom could do with updating (approx cost €5,000).
The agent: Sherry FitzGerald.
The landscape: mature residential area within walking distance of Blackrock and Monkstown villages, the Dart, bus routes and numerous schools. The N11 is at the other end of Newtownpark Avenue.
How much for an owner-occupier?The maximum loan considered by AIB is 92 per cent, or €331,200, of the price. For a first-time buyer on a 25-year mortgage at a one-year fixed rate of 2.4 per cent, monthly repayments work at €1,469. An income of €73,000 would be required to qualify for this loan.
How much for an investor?Stamp duty of €16,450 brings the acquisition cost up to €376,450, and this would give investors a yield of around 3.5 per cent. The maximum loan considered for this property is 85 per cent of the price, or €306,000, with ICS. On a variable rate of 4.45 per cent over 25 years, monthly repayments work out at €1,832.
Potential?The property could rent for around €1,100 a month, according to the agent.
Verdict: suits an owner-occupier.
Calculations by Chrome Capital
– Justin Comiskey
