The address:13 The Mews, Lee Road, Cork.
The agent: Jeremy Murphy & Associates.
The property:two-bedroom mews priced at €310,000.
The landscape:this small scheme of townhouses in converted courtyard buildings is beside the River Towers apartment development in Cork's leafy Lee Valley. The Mews is within walking distance of UCC and Cork's two hospitals.
The features:the 80sq m (861sq ft) townhouse is laid out over two floors. Built in the last few years, the house is in walk-in condition. Accommodation includes a bright open-plan living/kitchen area. The two bedrooms are doubles and one is en suite. The scheme is laid out around a pretty cobbled courtyard and there is also an open parking area.
How much for an investor to buy?At Bank of Ireland's investment mortgage rate of 5.1 per cent APR, the monthly repayment will start out at €1,627 over 25 years, based on the maximum loan of 90 per cent of the asking price, or €279,000. On an interest-only basis, the maximum loan will be 85 per cent of the price, or €263,500, giving a monthly repayment of €1,099 in the first two years under the bank's discount tracker.
How much for a residential buyer?An owner-occupier will initially pay €1,574 a month over 25 years, based on a 92 per cent loan. First-time buyers will pay no stamp duty on this property.
Potential:this house should get around €1,000 a month in rent, according to the selling agent.
Verdict:this pretty mews scheme is very rentable and goes down well with university and hospital staff, however the monthly rent will not quite cover the mortgage repayments even on an interest-only basis.
Calculations by Bank of Ireland
