The address: 11 Osborne Terrace, Bonmahon, Co Waterford.
The agent: O'Shea O'Toole and Partners.
The property: five-bed period house on 1.31 acres for €625,000.
The landscape: 14 miles south-west of Waterford city on an elevated site with views of the sea.
The features: end-of-terrace 242sq m (2,600sq ft) house with four reception rooms, a kitchen and utility room. The outbuildings include a boat house, a garage, fuel shed, boiler house and an old greenhouse. Needs some updating.
How much for an investor? The repayments on an 85 per cent mortgage over 25 years at AIB's buy-to-let tracker rate of 4.43 per cent APR would be €2,906 per month. On an interest-only loan the repayment would be €1,926 per month.
How much for an owner-occupier? If borrowing 92 per cent of the price over 35 years, a single person would require a salary of €139,500. A couple would need incomes of €75,000 each. At AIB's one-year discounted tracker rate of 4.37 per cent APR, the repayments would be €2,490 per month.
Potential: according to the agent, around an acre of the site is zoned residential with the rest zoned open space under the 2005 Waterford County Development Plan. In the past, developments permitted in the area have been very low density. In its current condition the house would get €1,000-€1,200 per month on the rental market. With some refurbishment it could fetch upwards of €700 per week on the seasonal short-term rental market.
Verdict: the agent says that most of the enquiries so far have been from residential buyers. Investors may be put off by the relatively low densities allowed in this scenic area in the past and the risk of not getting planning permission.
Calculations by AIB
