The address:4 Waterside Park, Malahide, Co Dublin.
The agent:O'Farrell Cleere.
The property:three-bed terraced house for €475,000.
The landscape:Waterside is a large scheme built about four years ago. It is on the Swords Road. Malahide village is a five-minute drive and the Pavilions shopping centre is within striking distance.
The features:the 111sq m (1,200sq ft) house is beautifully presented. Accommodation includes a livingroom with semi-solid walnut floors and open-plan kitchen with dining area. There are three bedrooms upstairs, all have semi-solid cherry floors and one is en suite.
How much for an investor?Stamp duty on €475,000 is €24,500 for investors. An investor could raise €427,500 - or 90 per cent of the price. On a full payment basis this would work out as €2,231 per month over 30 years and €1,692 per month on an interest-only basis. These figures are based on a two-year fixed rate of 4.75 per cent with IIB Homeloans.
How much for an owner occupier?A first-time buyer could go for a 95 per cent mortgage of €451,250 at a rate of 4.75 per cent fixed for one year with Bank of Scotland. Over 35 years this would mean a repayment of €2,206 per month. Most lenders have now ceased the 100 per cent product for all but a few occupations.
Potential:the house should get around €1,600 a month in rent, according to the selling agent. Maintenance fees are €500.
Verdict:A rent of €1,600 per month represents a yield of around 3.8 per cent. There is a lot of stock on offer in this area but number 4's walk-in condition should help boost its rentability.
Calculations by Simply Mortgages
