The address:6 & 7 Arbour Hill, Stoneybatter, Dublin 7 (No 6 adjoins No 7, but is the other side of the corner).
The property:two two-bed terraced houses for €260,000 each. Both have 52sq m (560sq ft) of space, one en suite bedroom, upstairs bathroom, open-plan kitchen/livingroom and a small rear yard. They are in good condition – needing only a lick of paint, according to the agent – and parking is on-street.
The agent:Herlihy Auctioneers and Valuers.
The landscape:a short walk to Smithfield and the Luas, Stoneybatter is a warren of two-up, two-down streets reaching all the way to the NCR and almost the Phoenix Park. A favourite with journalists and lawyers (due to its proximity to the Four Courts and the Law Society), it is very much an urban village with a good selection of shops, restaurants and pubs. The city centre is a brisk 25-minute walk away and there are at least two frequent bus routes to the city through the village.
How much for an owner-occupier?The maximum loan AIB would consider for a first-time buyer is 92 per cent of the value, or €478,400, leaving them requiring equity of €41,600. To qualify, a single first-timer would require a salary of around €111,000 or two individuals would require minimum incomes of €50,000 each. At a one-year fixed-rate of 3.09 per cent (APR 2.82 per cent), monthly repayments are €2,674 over 20 years and €2,292 over 25 years. At a variable rate of 2.99 per cent (APR 3.03 per cent), monthly repayments are €2,650 over 20 years and €2,263 over 25 years.
How much for an investor?The maximum loan considered by AIB for an investment property is typically around 75 per cent of the value, or €390,000, leaving a requirement for equity input of €130,000. At AIB's buy-to-let standard variable rate of 4.2 per cent (APR 4.27 per cent), monthly repayments are €2,402 over 20 years and €2,098 over 25 years.
Potential?The houses would rent for around €1,000 a month each, according to the agent.
Verdict:good student accommodation, so it suits an investor in for the long haul.
Calculations by AIB
– Justin Comiskey
