Currently let and producing about €10,000 a year, it is for sale with a price tag of €229,000 via Darragh Taaffe of Keane Mahony Smith in Cork city.
The mid-terraced townhouse or mews style dwelling on the Glasheen Road, near UCC, has about 800 sq ft of space, with a private back garden/yard, and is both sellable in any market, and highly rentable, says the KMS auctioneer. UCC, the Lough, the Bon Secours hospital, and the city centre, are all an easy walk, he adds.
“Its an ideal starter home or a very shrewd investment ... and could be described as a ‘recession-proof’ property, he claims. As an investment buy at €230k, an 85% loan at €195,500 over 25 years at a variable rate of 4.45% (commercial rates are higher than private) repayment will be €1,079 per month. First-time buyers getting a maximum 92% loan of €211,600, over 25 years at a variable rate of 3.25% pay €1, 030 per month, or €275 per week, he says.