The address:30 Seven Oaks, Drumcondra, Dublin 9.
The property:three-bed mid-terrace house asking €480,000.
The agent:Lisney.
The landscape: Seven Oaks is a well-established residential scheme off the Swords Road just past the junction with Griffith Avenue. It is beside the Regency Hotel and within minutes walk from DCU and St Patrick's Teaching College.
The features: number 30 comes to the market in excellent condition. The accommodation is laid out over 93sq m (1,000sq ft) and includes two reception rooms, a decent kitchen, and two double and one single bedrooms upstairs. A Stira stairs provides access to the attic and the rear garden is small but well maintained. It is laid out in patio and lawn with external lighting and a shed.
How much for an investor?Investors can get a 75 per cent mortgage of (€360,000) from Bank of Ireland at a rate of 5 per cent (APR 5.1 per cent). Monthly repayments will be €2,100 over 25 years. On an interest-only basis on a rate of 5.75 per cent (APR 5.3 per cent) monthly repayments will be €1,724.
How much for an owner-occupier?Bank of Ireland will loan owner-occupiers 80 per cent of the value of the house (€384,000). On a variable rate of 4.65 per cent (APR 4.7 per cent) the repayments will work out at around €2,163 a month over 25 years. On a two-year fixed rate of 4.95 per cent (APR 4.8 per cent) the repayments will be €2,229 a month over 25 years.
Potential?Number 30 is essentially a decent family home but its location close to DCU and St Patrick's make it quite lettable. It would also suit a young family which wants to rent for a year until the market has re-balanced itself. Rent would be around €1,400 per month. When it first came on the market in August it was priced at €520,000, this was reduced by €40,000 in November.
Verdict?Going on the above figures, investors, even interest-only investors, would have to supplement the rental income to cover the repayments, so number 30 would only be of interest to a cash-rich investor looking for a long-term investment or student accommodation for a child.
• Calculations by Bank of Ireland
