The address: Windmill Lodge, Windmill Road, Crumlin, Dublin 12.
The agent: McPeake Auctioneers.
The property: two-bed apartments for €392,500.
The look: attractive apartment complex with a communal area that is patioed and gravelled.
The landscape: in a new development of 29 apartments by Finnarc Construction and Blackhorse Developments, it is just off the main street of Crumlin village.
The features: the 68sq m (730sq ft) apartments have a living/dining area, kitchen and storage area. The main bedroom is en suite and there is a balcony overlooking the internal courtyard. One car-parking space per unit. There are also bigger two-bedroom apartments available for €397,000 and €410,000.
How much for an investor to buy? The repayments on an 85 per cent mortgage over 25 years at a standard variable buy-to-let rate of 3.95 per cent (APR 4.02 per cent ) would be €1,748 per month. With an interest-only loan the repayments would be €1,098 per month.
How much for an owner occupier to buy? The repayments on a 100 per cent mortgage over 35 years at AIB's discounted tracker rate of 3.1 per cent (APR 3.6 per cent) would be €1,531 per month for the first year. The repayments on a 92 per cent mortgage over 35 years at a one-year discounted tracker rate of 3.1 per cent (APR 3.6 per cent) would be €1,408.
Potential: located in an up and coming area close to Crumlin Children's hospital, it could attract rent of €1,200-€1,300 per month, according to the agent.
Verdict: with rental return on an 85 per cent mortgage falling far short of rental return, a residential buyer is more likely.
Calculations by AIB
