The address:Avourwen, Duleek Rd, Drogheda, Co Louth.
The agent:O'Brien Collins Real Estate Alliance.
The property:a 122sq m (1,313sq ft) three-bedroom duplex priced €272,000.
The landscape:the Avourwen estate is a new neighbourhood taking shape in the Duleek area south of Drogheda. In total, some 600 units will be constructed by local builder Manley Homes. Twenty-four apartments and duplexes have now been built and were put on the market two weeks ago. Avourwen is a two-minute drive off the M1 from the Duleek interchange and Drogheda town is a 20-minute walk.
The features:fit-out is fairly standard including internal paint, fitted kitchen, gas fire and fitted wardrobes. The Avourwen neighbourhood will have its own district centre, crèche, playground, leisure facilities and other services.
How much for an investor to buy?At Bank of Ireland's investment mortgage rate of 4.89 per cent (APR 5.5 per cent), the monthly repayment will start out at €1,413 over 25 years, based on the maximum loan of 90 per cent of the asking price, or €244,800.
On an interest-only basis, the maximum loan will be 85 per cent of the price, or €231,200, giving a monthly repayment of €1,055 in the first two years under the bank's tracker rate (interest-only for seven years).
How much for a residential buyer? A first-time buyer opting for a 90 per cent loan would pay €1,413 a month over 25 years, based on Bank of Ireland's one-year fixed rate.
Potential: the rental market in Drogheda is very strong and rent in the region of €1,200 should be achieved by this property, according to the selling agent.
Verdict: as this is a pre-launch the duplexes are priced to sell and, going on the above rent, investors with interest-only mortgages should be able to cover their monthly repayments.
Calculations by Bank of Ireland
