Address:45 Gordon Street, Ringsend, Dublin 4.
Agent:Young's Auctioneers.
Property:three-bedroom terraced house with an asking price of €675,000.
Landscape:linking South Lotts Road and Barrow Street, Gordon Street has a very convenient Ringsend location. It's beside Barrow Street Dart station and within striking distance of the city centre, Ballsbridge and Sandymount. The street comprises terraces of traditional redbricks typical of the Ringsend landscape, but around the corner is the upmarket Gasworks residential development and Shelbourne Park greyhound stadium.
Features:this 65sq m (700sq ft) house comes to the market in good condition and is well presented. Accommodation has a traditional layout of entrance hall, livingroom, kitchen, shower room and three bedrooms. Original features include timber floorboards, doors and windows. A big selling point is a relatively large and attractive back garden with mature shrubs and terracotta tiles and outdoor lighting.
How much for an investor?Stamp duty on €675,000 will be €60,750 for investors. On a 90 per cent mortgage, repayments would be €3,547 per month over 25 years and €2,526 per month interest-only. These figures are based on a one-year fixed rate of 4.99 per cent, which a range of banks are offering. Bank of Scotland has a three-year fixed rate of 4.89 per cent that investors can avail of, however only 80 per cent of the value of the house can be borrowed.
How much for an owner-occupier?First-time buyers could get a 100 per cent mortgage at a tracker rate of 4.75 per cent with Ulster Bank over 35 years resulting in repayments of €3,300 per month. Alternatively, a 92 per cent mortgage of €621,000 with Bank of Scotland at 4.89 per cent fixed over three years would cost €3,086 per month over 35 years.
Potential:the rent per month for this property would be €2,300 to €2,400 per month, according to the selling agent.
Verdict:a rent of €2,350 per month would roughly represent a 3.8 per cent yield, which is reasonable on more expensive properties in Dublin at the moment. The location, however, is excellent and the house is always going to be very lettable.
Calculations by Simply Mortgages
- Fiona Tyrrell
