The address:27 Hardiman Road, Drumcondra, Dublin 9.
The agent:Sherry FitzGerald.
The property:three-bedroom terraced house priced at €470,000.
The landscape:off the Upper Drumcondra Road, Hardiman Road is a quiet residential road behind St Patrick's College. Drumcondra village is nearby and the city centre is within easy striking distance.
The features:the 74sq m (796sq ft) house has been well looked after by its owners and the house features wooden flooring throughout and comes to the market well presented. It has two reception rooms and the sittingroom has a cast-iron fireplace. The diningroom, main bathroom and store room are in an extension to the rear.
There is a bright kitchen to the front. Upstairs there are three bedrooms - two doubles and one single. The main bedroom is to the rear and is en suite. The back garden is long, narrow and needs some work. The front garden is in lawn and parking is on-street.
How much for an investor to buy?At AIB's buy-to-let tracker mortgage rate of 5.1 per cent (APR 5.21 per cent), the repayments on a loan equivalent to 85 per cent of the asking price - a sum of €399,500 - would be €2,353 a month over 25 years.
On an interest-only mortgage based on the same rate and term, the repayments would be €1,698 a month.
How much for a residential buyer?A single first-time buyer would need a salary of €105,000 to fund a 100 per cent mortgage over 35 years, while a couple would need to earn €50,000 and €43,000 to fund this mortgage.
Based on AIB's one-year discount tracker rate of 4.6 per cent (APR 5.15 per cent), the loan would cost €2,247 a month for the first year. On its standard variable rate (SVR) of 5.25 per cent (APR 5.36 per cent), the monthly repayments would then be €2,439. On a 92 per cent loan, the repayments would be €2,067 a month in the first year and €2,244 based on the SVR.
Potential:the house should make around €1,800 in rental income a month, according to the selling agent.
Verdict:like most areas close to the city centre rentals are strong in the Drumcondra area and this house's location close to St Patrick's College makes it all the more rentable.
Calculations by AIB
