Address:Corrán Riada, Tuam Road, Athlone, Co Roscommon.

Agent:Hynes Real Estate Alliance.

Property:two-bedroom first-floor apartment with an asking price of €204,950.

Landscape:located two miles outside Athlone town centre, this 69-unit scheme is beside the new Athlone Springs Hotel. Developed by Oysterhomes, Corrán Riada is adjacent to the developer's Gateway Retail & Commercial Park, now nearing completion.

Features:the 60sq m (650sq ft) unit has wooden and carpeted floors; kitchen appliances (including a dishwasher) are included in the sale. Unusually, the apartments have their own gardens and there is no service charge.

How much for an investor?Stamp duty on €204,950 will be €8,198 for investors bringing the total cost to €213,148. An investor could raise €184,455 which represents 90 per cent of purchase price. On a full payment basis this would work out as €1,077 per month over 25 years and €767 per month on an interest-only basis. These figures are based on a one-year fixed rate of 4.99 per cent with a range of banks.

How much for a residential buyer?A first-time buyer could get a 100 per cent mortgage at a tracker rate of 4.75 per cent with Ulster Bank over 35 years. This would mean repayments of €1,002 per month. A 92 per cent mortgage with AIB at 4.9 per cent on a three-year fixed basis would cost €936.84 per month.

Potential:it should fetch a rent of around €750 a month, according to the agent.

Verdict:going on the above figures, investors could expect a yield of 4 per cent, which is passable in today's market. The location, however, beside Elan, is excellent. Rents in the area have appreciated by 10 per cent and more in 2007, says Liz Dwyer from Hynes Real Estate Alliance.

Calculations by Simply Mortgages