The address:21a The Metropolitan, Inchicore Road, Kilmainham, Dublin 8.
The agent:Sherry FitzGerald.
The property:two-bed apartment for €345,000.
The landscape:in a fast-developing area of D8, the Metropolitan is up the road from the Chocolate Factory apartment scheme, down the road from Kilmainham Gaol and across from the Hilton Hotel. Heuston Station and Suir Road Luas stop are near by.
The features:this second floor unit has 58sq m (624sq ft), oak floors throughout and built-in storage in the hall. There is a main living area divided into kitchen/dining and living zones, and two double bedrooms. A big selling point is the floor-to-ceiling windows in the main bedroom and livingroom with views of the Camac River and Kilmainham Gaol.
How much for an investor to buy?The maximum loan AIB consider for an investment property is 85 per cent of the value, with up to 100 per cent considered for portfolio investors. The maximum term is 25 years. On AIB's buy-to-let tracker rate of 5.5 per cent (APR 5.62 per cent), the repayments would be €1,796 per month. On an interest-only loan the repayments would be €1,344 a month (based on AIB's tracker rate of 5.50 per cent and APR 5.62 per cent).
How much for an owner-occupier?First-time buyers borrowing up to 92 per cent of the property price would need a salary of around €70,000 to fund this mortgage over 35 years. A couple would require minimum incomes of around €31,000 each. At AIB's tracker rate of 5.5 per cent (APR 5.62 per cent) the repayments on this mortgage would be €1,699 per month. Repayments at AIB's standard variable rate of 5.25 per cent (APR 5.36 per cent) would be around €1,648 a month.
Potential:this apartment will bring in around €1,300-€1,400 in rent a month, says the selling agent. Services charges are €1,800 and the apartment comes with one underground car-parking space.
Verdict:with major developments in the area, not least at Heuston South Quarter, this part of D8 is on the up. Parking, an upmarket fit-out and good views could give this apartment the edge in terms of rentability.
Calculations by AIB
- Fiona Tyrrell
