The address: 53 Gandon Close, Harolds Cross, Dublin 6.

The property: one-bed ground floor apartment asking €255,000.

The agent: Lowe Associates.

The landscape: built in the 1980s, Gandon Close has a secluded location set back from Harold’s Cross Road beside Mount Jerome.

The features: with just 37sq m (400sq ft) of living space, number 53 is a product of its time. It has an entrance hall, a lounge with open fireplace, a separate kitchen, a full bathroom and double bedroom with a built-in wardrobe. While the decor could do with some updating, the apartment is in reasonable condition.

How much for an owner-occupier? First-time buyers could secure a 92 per cent mortgage from Bank of Ireland at a one-year fixed rate of 2.45 per cent (APR 3.1 per cent). Over 25 years the monthly repayments work out at €1,046. On the bank’s variable rate of 3.1 per cent, a 90 per cent mortgage would cost €1,099 to finance on a monthly basis over 25 years.

How much for an investor? Investors on a 75 per cent loan from Bank of Ireland on a variable rate of 4.5 per cent (4.6 per cent APR) would have monthly repayments of €1,061 over 25 years. On an interest-only basis repayments work out at €757.

Potential? This apartment could fetch €900 in rental income while annual management fees are €1,100.

Verdict? Going on the above rent only investors on an interest-only mortgage could expect to have the income cover their mortgage repayments.

Calculations by Bank of Ireland

-Fiona Tyrrell