my first time posting on this site , i was thinking of putting a bid on this place daft.ie/searchsale.daft?id=618324 , while a decent location , reports suggest that the appartment market in dublin has not yet reached the bottom , what is a reasonable bid below the asking price , i would have thought appartment sellers have to have a thicker skin than those selling a house
irish bob - most posters on this site think that nearly every proeprty for sale is over-valued. This apartment, if in good condition as claimed, can get a rent of 7.000 p.a. and there wouldn’t be big mngt fees as is often the case in apt blocks. So, obviously it’s worth more than 60k.
But I must admit that for once I’m veering towards the othe posters point of view. Considering there are several two-bedroomed terraced houses in the area asking between 130- 160.000 it would be mad to consider more than 80k for a onebedroomed apt -especially as onebedroomed apts don’t sell easily - well-kept small houses do.
Stoneybatter will attract a lot of attention if the proposed DIT plans go through -several thousand students a few hundred yards away dying for decent rentals.
It’s close to city-centre,LUAS and will certainly be a popular area in a couple of years. That’s why I’m seriously looking in the area - but not for half-a-house.
i would have thought 7000 pa was a bit on the low side , from checking out daft , rents in that area are around the 750 per month which is over 8000 per anum
with that kind of anual return , 80 k would be up on 10. 5 % yield , i wouldnt have thought that was achievable in a fairly decent location , then again maybe im overestimating the chances of a recovery in the market , im not actually worried about capital appreciation if i can get above 8%
btw , does anyone know what prussia st is like in stoneybatter , their is another one bed appartment for sale there
If I was an amateur landlord (I plan never to be) I would multiply the monthly rent by nine (at most) to calculate annual yield. You will have void periods, the house will depreciate, you may not need to spend much in the short run but washing machines eventually break down, boilers need replacing and so will windows.
There is also the risk of no rent at all. It’s very hard to get payment out of a reluctant tenant. If stories round here are to be believed you could be up to a year evicting them the legal way.