The address:96 Castleheath, off the Swords Road, Malahide, Co Dublin.
The agent:O'Farrell Cleere Auctioneers.
The property:three-bedroom duplex priced at €710,000.
The landscape: this upmarket gated development off Swords Road is in front of the exclusive Abington development, which Ronan Keating calls home. The scheme, built by Cladewell Properties, a Lynam Brothers company, is a 10-15 minute walk to Malahide village.
The features:the 121sq m (1,300sq ft) duplex was recently renovated. It is in walk-in condition and stylishly decorated. The entrance hall, kitchen and bathrooms have polished marble floors and the livingroom has solid oak parquet flooring. All bedrooms have fitted wardrobes and the main bedroom is en suite. It has two dedicated parking spaces.
How much for an investor?
At Bank of Ireland's investment mortgage rate of 4.8 per cent APR, the monthly repayment will start out at €3,636 over 25 years, based on the maximum loan of 90 per cent of the asking price, or €639,000. On an interest-only basis (for the first seven years), the maximum loan will be 85 per cent of the price, or €603,500, giving a monthly repayment of €2,390.
How much for a residential buyer?
An owner occupier will initially pay €3,717 a month over 25 years, based on a 92 per cent loan or €3,403 on a 30-year mortgage.
Potential: this house should get around €1,800-€2,000 a month in rent, according to the selling agent.
Verdict:going on the above figures an investor would be at least €400 shy of covering the interest-only repayments. That's before taking into account costs such as stamp duty at €63,900 and annual maintenance fees of around €1,300.
Calculations carried out by Bank of Ireland
