The address:4 Portobello Dock, Portobello, Dublin 8.
The agent:Lowe & Associates.
The property:one-bed duplex for €315,000.
The landscape:Portobello Dock is a scheme of 22 apartments just off the Grand Canal on a quiet back road beside Portobello College. Built over 10 years ago it is not as attractive as some of the newer apartment schemes in the area, but it has a great central location within a few minutes walk of St Stephen's Green, Rathmines and Ranelagh.
The features:number 4 is a ground floor/basement duplex with 51sq m (550sq ft). The entrance is at ground-floor level as are the lounge and the kitchen. A staircase with large windows leads to bedroom and bathroom. There is also a storage lockup at basement level but no car-parking space.
How much for an investor to buy?At Bank of Ireland's buy-to-let mortgage rate of 5.1 per cent APR, the monthly repayments will start at €1,574 over 25 years, based on the maximum loan of 85 per cent of the mortgage price or €267,750. On an interest-only basis, the monthly repayments will be €1,138 over 25 years, which is based on Bank of Ireland's investment tracker at a maximum loan of 85 per cent of the asking price (interest-only for seven years).
How much for a residential buyer?An owner-occupier opting for a 92 per cent loan would pay €1,385 a month over 35 years, based on Bank of Ireland's tracker mortgage. On the standard variable rate of 5.25 per cent owner-occupiers would pay €1,504.
Potential:Portobello is a very strong rental area and rent in the region of €1,200 to €1,250 should be achieved by this property, according to the selling agent. Service charges are around €1,200 a year.
Verdict:Portobello Dock is in a great rental location and investors on an interest-only mortgage could see themselves in a position where the rent covers mortgage repayments.
Calculations by AIB
