Buy to Let advice

Santa Cruz

handlemaster wrote: »

I think property investment would be good. I Dont think the 160 for a two bed is good value. Id look at 120 Max for two bed. Or go get two one beds for what you were looking to fork out at 160. Or a three bed semi

If it's Dublin he has missed the boat to get a two bed for 120,000 unless it's a very poor location . One beds in the right rental areas are hitting 150 to 175.
Rental for these is an average of 1000 a month if convenient to the Luas or within walking distance of the city centre. Foreigners will rent in places that the native would be inclined to and they are well use do renting.

Getting the right return is all about proper tenant selection and good management. There are too many amateur landlords who don't know the law, procedures and how to select and hold on to good tenants

Santa Cruz

loulou2009 wrote: »

My advice...Keep your nest egg and do not buy an investment property.
It may seem attractive to become a landlord, or at least it might appear that its an easy profit. But you dont know whats around the corner... You are very young, you could go traveling, what happens when you meet someone, want to setup a home with them, what happens if the market collapses again, you get sick, you cant get tenants, you have bad tenants, things break, situation at work/home changes, you want to get another mortgage.

Cash is king..... when you have cash in the bank, you have options.

Proper location, proper tenant selection and proper management will eliminate these concerns

The_Conductor

buytolet89 wrote: »

I have to start somewhere don't i? I am 23 now i plan to purchase an apartment in Dublin and rent it out every ten years

You are on a salary of 24k- living rent-free at home, and on the strength of your savings (of 50k- which admittedly is quite remarkable, given your age)- plan to start a property empire- move out in 3 years time into your own home- and add an apartment to the equation every 10 years or so.........

I'm not the most risk adverse person around- but your idea seems Walter Mitty in the extreme.

Certainly employing the 50k to try to get a return on it- is a good idea- but freeloading on your parents, to get a lumpsum together to buy your own house- when you've an investment property ticking over- is abusing the situation with your parents, regardless of how you look at it.

The figures in some of the above posts- are optimistic- and your idea that your going to get 1,250 in rental income- is also optimistic- you may achieve it now- but almost certainly it will fall for apartments (unless they're in a remarkably good area- which I seriously doubt, given the budget you're quoting).

You are looking at this with rose tinted glasses. I hope it works out for you- but you are relying on optimistic figures- and the goodwill of your parents- to make this work- which is neither fair, nor rational. You may get away with it- but you are making a lot of assumptions- god only knows how valid they are.

Blured

buytolet89 wrote: »

I'm gonna be saving for my own place in the three years i plan to save another 30k to purchase my own house

This is crazy. You earn 24k a year and are planning on building a property empire as well as purchasing your own PPR in 3 years? Do you think a bank (in these days of increased fiscal responsibility) will give you a mortgage for a PPR when you already have one for the rental property? It will be a major ask. Also, saving 30k in 3 years is quite an optimistic goal.

Being a landlord is not a great business to be in (I have an apartment in Dublin 15 I bought in 2005). Tax on your "profit" will be at the higher rate once your salary goes above 32k. Rent is high right now, but it can change pretty much overnight. Have you factored in what would happen if interest rates went up 1%, 2%, etc.

As others have said, there is better places for your nest egg, or you could use it towards your own place in 3 years when you feel like your want to move out.

buytolet89

Blured wrote: »

This is crazy. You earn 24k a year and are planning on building a property empire as well as purchasing your own PPR in 3 years? Do you think a bank (in these days of increased fiscal responsibility) will give you a mortgage for a PPR when you already have one for the rental property? It will be a major ask. Also, saving 30k in 3 years is quite an optimistic goal.

Being a landlord is not a great business to be in (I have an apartment in Dublin 15 I bought in 2005). Tax on your "profit" will be at the higher rate once your salary goes above 32k. Rent is high right now, but it can change pretty much overnight. Have you factored in what would happen if interest rates went up 1%, 2%, etc.

As others have said, there is better places for your nest egg, or you could use it towards your own place in 3 years when you feel like your want to move out.

I used to make alot more than 24k i was made redundant and i have over 50k deposit so why not give it a go it's been on my mind for a while and i don't want to have any regrets

ABC101

Lets say you rent it out for 1000/ month and there is no mortgage.

Total Annual Income = 12,000

Total Annual Expenses = 3000, could be more but lets say 3K.

Total profit = 9,000.

Looks great... but if you are on the high taxation rate ..

That 9000 gets chopped up... you would be lucky to get 4,500 euro per year after taxation and PRSI etc.

If the apartment originally cost 100K... then that is a 4.5% real return annually.

So you need to compare this 4.5% to other financial products and see if it represents good value.

While a extra 4.5K is not to be sneezed at... is it really a worthwhile reward for all the hassle and risk which is associated with being a landlord?

If it is... then you know what to do.

fash

ABC101 wrote: »

That 9000 gets chopped up... you would be lucky to get 4,500 euro per year after taxation and PRSI etc.

If the apartment originally cost 100K... then that is a 4.5% real return annually.

So you need to compare this 4.5% to other financial products and see if it represents good value.

While a extra 4.5K is not to be sneezed at... is it really a worthwhile reward for all the hassle and risk which is associated with being a landlord?

If it is... then you know what to do.

What other investment products give you 4.5% guaranteed? Is that after tax? Can you leverage to get it?
Do you expect rents to go higher or lower over the next few years?
OP is not on the higher rate of tax- so he won't be paying that ( at present in any case). Also presuming he gets a mortgage some of this cost is tax deductible.

Rent income is also diversified income. If the OP finds a suitable property with a suitable yield- go for it.

ABC101

fash wrote: »

What other investment products give you 4.5% guaranteed? Is that after tax? Can you leverage to get it?
Do you expect rents to go higher or lower over the next few years?
OP is not on the higher rate of tax- so he won't be paying that ( at present in any case). Also presuming he gets a mortgage some of this cost is tax deductible.

Rent income is also diversified income. If the OP finds a suitable property with a suitable yield- go for it.

Don't forget the example I gave is buying a 100K apartment with 100K cash, i.e. no mortgage.

The OP stated that he is spending 160K... 50K of his own and 110K borrowed.

So a 4500 annual cash return would represent less than 3% (about 2.8125%) of the value of the property.

And also he would have the associated borrowing costs of servicing the 110K mortgage.

Whilst the points you make are relevant.. you left out one other most important one...

Will the ECB raise rates next year? Apparently the FED in the US has mentioned raising rates in the near future!! If Europe continues to recover... the ECB will do the same.

The OP should base his finances on an interest rate of 7% in my opinion at least.

Santa Cruz

buytolet89 wrote: »

I used to make alot more than 24k i was made redundant and i have over 50k deposit so why not give it a go it's been on my mind for a while and i don't want to have any regrets

I wonder how many of the people discouraging you from going ahead have actually ever been involved in the rental of properties from a landlords perspective. It's the usual negative comments about hassle with tenants, falling rents etc. Do they want you to leave the 50000 in a bank account and get 0.5% interest if your lucky while inflation eats it's real worth away.
Ideally buy as close to the bottom of the market as you can, minimise your costs through your own labour and best of luck

ABC101

Santa Cruz wrote: »

I wonder how many of the people discouraging you from going ahead have actually ever been involved in the rental of properties from a landlords perspective. It's the usual negative comments about hassle with tenants, falling rents etc. Do they want you to leave the 50000 in a bank account and get 0.5% interest if your lucky while inflation eats it's real worth away.
Ideally buy as close to the bottom of the market as you can, minimise your costs through your own labour and best of luck

I'm just chucking out a few basic facts about Landlord costs etc.

Anyway.... I think talking about it now is pointless... the OP mentioned that he is going ahead with the purchase... and best of luck to him/her etc etc.

But if you really want my opinion... (which I'm sure you don't) if I had 50K to spare... I'd be going into the stock market.

murphaph

buytolet89 wrote: »

I used to make alot more than 24k i was made redundant and i have over 50k deposit so why not give it a go it's been on my mind for a while and i don't want to have any regrets

You won't get a mortgage for your own home in 3 years if you take one out now for a BTL. The banks aren't considering rental income any more.

murphaph

Santa Cruz wrote: »

I wonder how many of the people discouraging you from going ahead have actually ever been involved in the rental of properties from a landlords perspective. It's the usual negative comments about hassle with tenants, falling rents etc. Do they want you to leave the 50000 in a bank account and get 0.5% interest if your lucky while inflation eats it's real worth away.
Ideally buy as close to the bottom of the market as you can, minimise your costs through your own labour and best of luck

I'm a landlord in Ireland and Germany and I think he needs to review his plans. He simply won't get a mortgage in 3 years (or in 10 years) with an outstanding BTL mortgage) and it seems buying his own home forms part of the plan.

fash

ABC101 wrote: »

So a 4500 annual cash return would represent less than 3% (about 2.8125%) of the value of the property.

Wasn't that after tax? And assuming OP was paying the higher rate? And if you are calculating it that way, why base it off the house price- he is only putting forward 50k- base it off that and it is 9k/50k.

ABC101 wrote: »

And also he would have the associated borrowing costs of servicing the 110K mortgage.

a business expense that is mostly tax deductible (75%). And only in the short term- if it is cash flow positive as an investment.

ABC101 wrote: »

Will the ECB raise rates next year? Apparently the FED in the US has mentioned raising rates in the near future!! If Europe continues to recover... the ECB will do the same.

ecb rates are going nowhere- or else down. The UK and the US are very different economies. There is no recovery in the EU- it is Draghi pumping in cheap money to keep states afloat.

ABC101 wrote: »

The OP should base his finances on an interest rate of 7% in my opinion at least.

I'd try 6%- and throw in some rent increases.

The only reason to not do it is if it would impact on his position to buy hoods own property in a short time span. Frankly if that is 3 or more years away and he comes across a goods rental property with a decent yield in the mean time- but the property

minusthebear

sounds like a naive plan on such a meagre salary. how did you accumulate the savings?

The_Conductor

minusthebear wrote: »

sounds like a naive plan on such a meagre salary. how did you accumulate the savings?

Living at home- not paying rent, and not drinking or smoking it- no doubt. It is possible to save improbably large sums of money- if you live frugally- however I'd have to question whether its 'living' or accumulating money........ There is a lot more to life than accumulating as much money as possible- and life is damn short.

buytolet89

minusthebear wrote: »

sounds like a naive plan on such a meagre salary. how did you accumulate the savings?

I was on alot more in my old job and was made redundant received 27k, I'm also working full time and studying part time i will get my first degree this year and going to enroll in another part time course which will be 5 years time to pursue a second degree.

I will be 28 by then so i hope to god I'm not still earning 24k or i will drive my car off a bridge

ABC101

fash wrote: »

Wasn't that after tax? And assuming OP was paying the higher rate? And if you are calculating it that way, why base it off the house price- he is only putting forward 50k- base it off that and it is 9k/50k.

a business expense that is mostly tax deductible (75%). And only in the short term- if it is cash flow positive as an investment.

ecb rates are going nowhere- or else down. The UK and the US are very different economies. There is no recovery in the EU- it is Draghi pumping in cheap money to keep states afloat.

I'd try 6%- and throw in some rent increases.

The only reason to not do it is if it would impact on his position to buy hoods own property in a short time span. Frankly if that is 3 or more years away and he comes across a goods rental property with a decent yield in the mean time- but the property

Granted he did mention that, would be on the low rate of taxation...

However you are making assumptions, rental income going up etc, ECB rates staying low... Govt hostility not getting worse etc.

How about you give a summation of the total costs for this venture...mortgage of 110K, 50K cash.. so the property must be going for around 155K or so. What would be your synopsis of costs vers profit?

RainyDay

fash wrote: »

What other investment products give you 4.5% guaranteed?

Why guaranteed? The rental income is far from 'guaranteed'.

fash wrote: »

Can you leverage to get it?

You do understand that leverage = risk, right? As soon as you leverage (in this case leveraging the €50k by a factor of three), the risk of loss to your €50k is also multiplied by three.

fash wrote: »

OP is not on the higher rate of tax- so he won't be paying that ( at present in any case).

Will the planned rental income push him into the upper bracket?

fash wrote: »

Rent income is also diversified income.

Sorry? How did you work that out?

Santa Cruz wrote: »

Ideally buy as close to the bottom of the market as you can, minimise your costs through your own labour

No-one can judge the bottom of the market. Those who claim to have judged this are spoofers, or just lucky. And if you put zero value on your own time, it's easy to claim a big return on your investment.

fash

RainyDay wrote: »

Why guaranteed? The rental income is far from 'guaranteed'.

It is certainly more certain than the return on equities- and higher than the return on deposits. Leaving aside the issue of leverage.

RainyDay wrote: »

You do understand that leverage = risk, right? As soon as you leverage (in this case leveraging the €50k by a factor of three), the risk of loss to your €50k is also multiplied by three.

in theory - in reality - it's only if you don't know what you are doing. So long as you have no need of the money and so long as the investment is cash flow positive, you are merely facing an opportunity cost on your money.
The places I'm looking at with min 10-12% yield where the price to purchase is below build cost.
With the correct yields, a decent rental location, good build quality and proper property and tenant management there is minimal risk.
I say that with a family history of buying rental properties in the 1990's-2001- including original S23's (I.e. city centre properties rather than those in leitrim) and again a couple of receiver purchases in 2012 and 2013- the economics didn't make sense in the intervening period.

RainyDay wrote: »

Will the planned rental income push him into the upper bracket?

not on the figures that have been quoted.

RainyDay wrote: »

Sorry? How did you work that out?

The income is not dependent on you not being sick- you can receive it as a pension or if you go back to college- where you are earning no or little other money ( and so paying little income tax) it is even more valuable.

RainyDay wrote: »

No-one can judge the bottom of the market. Those who claim to have judged this are spoofers, or just lucky. And if you put zero value on your own time, it's easy to claim a big return on your investment.

It is not about timing- it is about value investing.

fash

ABC101 wrote: »

Granted he did mention that, would be on the low rate of taxation...

However you are making assumptions, rental income going up etc, ECB rates staying low... Govt hostility not getting worse etc.

There is a risk of government hostility- I personally suspect it is lower than against other asset classes- I used to be a rate whore back when banks were giving out 7% interest- who'd bother at this point with DIRT the way it is?
I suspect that if there is pressure or on landlords- it will either be tax put on all residential property or because of a perceived greater ability to shoulder tax- I.e. rents going up.
I'm not assuming rents will go up- the calculations should work whether rents rise or fall by 20% or greater. I'm merely saying rent rises are more likely than falls in good locations.

ECB rates will stay low a lot longer than the Fed or the BoE. BoE is telegraphing that they won't consider it before mid 2015 ( despite the fact they've already hit the points they said would make them reconsider). With the shocking state of finances in much of Europe- including Ireland, increased interest rates in Europe are far away. I would be more concerned with Irish banks increasing their rates- though each increase increases the danger of a foreign bank coming in to the market. With Draghi pumping in cheap credit, there is less pressure on banks to do this though.

ABC101 wrote: »

How about you give a summation of the total costs for this venture...mortgage of 110K, 50K cash.. so the property must be going for around 155K or so. What would be your synopsis of costs vers profit?

Assumptions: time spent by the landlord is cheap or minimal: cheap because it is "untaxed"- your time is cheap because you are on a minimum wage type job- and labour at the upper rate is taxed at 50+% . plus the time is invested in your future. Also frankly I get a lot of satisfaction from improving property: building work and trips to ikea etc.- I don't consider it work.
Assuming that the property will not need major structural work within the next 40 years ( excluding
Boilers etc.)- so pick a good property.

One off:
Stamp and legal at 150k: 3k
Fit-out: can vary widely. A receiver sale where you get the house contents means you might spend 4k in IKEA only. On a 2 bed apartment worst case should be kept lower than 12k with good use of adverts.ie and IKEA. Needs to be borne in mind.


Bins ( house) or management charge (apartment):
(I pay for bins for houses- arguably unnecessary): bins 320 ( with upside risk) or 1200-1500.
Rental yield annual: 11.5x monthly yield if you are efficient. 11x monthly yield if not.
Prtb:90/annum ( not always)
Daft ad:36/annum( not always)
Property tax 225/annum ( with upside risk- but not more then double)
Insurance: 400
Repair per annum: depends on how good you are at vetting tenants: 700( not always and potentially higher)
I have a yield calculating spread sheet which I feed that into

Cedrus

fash wrote: »

ecb rates are going nowhere- or else down. The UK and the US are very different economies. There is no recovery in the EU- it is Draghi pumping in cheap money to keep states afloat.

This is estate agent / mortgage broker talk, the ECB rate is 0.25%! How can it go down? Do you think they'll pay people to borrow money?

There is an absolute certainty that within the lifespan of a mortgage (20 - 25 years) the rates will rise, I've seen the bank base rate at 15% in the past. Only a fool would not factor in a rise.

fash wrote: »

ECB rates will stay low a lot longer than the Fed or the BoE. BoE is telegraphing that they won't consider it before mid 2015

I'd like to see the OP pay off or even make a valid dent in a mortgage by mid 2015.

fash

Cedrus wrote: »

This is estate agent / mortgage broker talk, the ECB rate is 0.25%! How can it go down? Do you think they'll pay people to borrow money?

Google it. Check out JP Morgan, financial times, BNP Parisbas forecasts for March 2014 for example.

Cedrus wrote: »

There is an absolute certainty that within the lifespan of a mortgage (20 - 25 years) the rates will rise, I've seen the bank base rate at 15% in the past. Only a fool would not factor in a rise.

And you won't see an interest rate of 15% again. What are long term bonds yielding at the moment?
Do you think ECB interest rates in 2018 will be higher than 2%?
quote="Cedrus;89576182"]I'd like to see the OP pay off or even make a valid dent in a mortgage by mid 2015.[/quote]
Fortunately for the OP, he doesn't live in the UK.

RainyDay

fash wrote: »

It is certainly more certain than the return on equities-

How did you work that out? I'd be very interested in seeing your sources for this.

fash wrote: »

in theory - in reality - it's only if you don't know what you are doing. So long as you have no need of the money and so long as the investment is cash flow positive, you are merely facing an opportunity cost on your money.

All risk is theoretical - that's what risk is. Leveraging by definition increases risk. Lots of people don't understand this when they borrow to invest. Lots of folks who borrowed to invest in buy-to-lets during the boom are now seeing the family home at risk, because they didn't understand the risks of what they doing.

fash wrote: »

With the correct yields, a decent rental location, good build quality and proper property and tenant management there is minimal risk.
I say that with a family history of buying rental properties in the 1990's-2001- including original S23's (I.e. city centre properties rather than those in leitrim) and again a couple of receiver purchases in 2012 and 2013- the economics didn't make sense in the intervening period.

Good to hear that it has worked out for you. For every success story, there are plenty of dramatic failure stories, from people who really didn't understand what they were getting into. Renting is highly dependant on the general economy. If the economy booms, rental income booms. If the economy stagnates, as could well be the case for a generation, rental income is on dodgy ground.

Santa Cruz

Three words that matter when it comes to guaranteeing stable rental income. Location Location Location.
I have a long history of letting apartments and never have had the properties empty longer than a week. That was for refurbishment. The mortgages have now been paid off and making a good profit every year. You either know how to do it or you don't

fash

RainyDay wrote: »

How did you work that out? I'd be very interested in seeing your sources for this.

I'm not sure if you are trolling now or not: are you actually unaware of greater volatility in equity returns than in rental yields (rent over the money put forward) for good property?

Do you think investing 100k in current equity markets is safer than buying a say Dublin or Cork city centre property yielding currently 10-12%?

The_Conductor

Cedrus wrote: »

This is estate agent / mortgage broker talk, the ECB rate is 0.25%! How can it go down? Do you think they'll pay people to borrow money?

There is an absolute certainty that within the lifespan of a mortgage (20 - 25 years) the rates will rise, I've seen the bank base rate at 15% in the past. Only a fool would not factor in a rise.



I'd like to see the OP pay off or even make a valid dent in a mortgage by mid 2015.

The 0.25% ECB base rate- is an overnight rate that the ECB pay commercial banks who choose to deposit money overnight with them (instead of lending it on the interbank lending market). There is absolutely no issue with the ECB reducing this to 0- or even negative territory- in an effort to force banks to lend to one another, rather than simply parking excess liquidity with the ECB. The issue is banks don't trust one another- this trust was destroyed in the Financial Crisis- and it certainly hasn't been restored. New rules in the UK- preventing local operations from repatriating liquidity outside of the jurisdiction- is only exacerbating this trend- and the ECB has stated that its aim is to increase the multiplier effect of the money in circulation on the interbank market- so negative rates are in fact almost a certainty.

Ireland- with its historical tracker mortgages- is almost an aberation- and unique in the eurozone- negative base rates could effectively mean near to zero interest rates for a large swathe of the population (while it actually costs the commercial banks around 2.5% on the interbank market- if they can access it, or 3% from investors- for 10 year funds).

There is absolutely no doubt that rates can fall below zero. The ECB has a target of a 2% inflation rate- at the moment, its below 1% and there is a very real worry that deflation may happen- which is what blighted Japan and cost it 2 decades, from which it is only now recovering).


On a separate note- investing in equities is volatile as hell. Last year was an unusually good year- some trackers even managed 24-25%- while some actively manged funds achieved almost 40%. These are not normal rates of returns. Current equity prices are at an average of 27-28 times their current profit levels- when a historic price would be around 16-17 times annual profit. This means normalisation in equity prices could see 40% wiped off their current values.

Life looks like its going to be interesting for the next few years......

marathonic

I'm looking into an investment property in Donegal and don't understand all the negativity. The yields in Dublin seem much better - and I considered looking there but, as I don't know the local market, would be fearful of rents dropping (they seem ridiculously high to me as a person living where rents for a 3-bed semi are about 500 euro per month).

For example, if the OP were to put down a 50% deposit on the property below, they'd have a mortgage of €50,000 on a property giving them €12,000 per year in rental income (obviously, there are expenses - but not to the extent that such an investment would not be worthwhile).

Is there an issue I'm not seeing with the property below (and a similar one that rented for €1,000 per month recently)? I just can't get over the negativity for something like this so there must be something I'm missing.

http://www.daft.ie/sales/31-seagrave-drive-st-margarets-road-finglas-dublin/933874/

http://www.daft.ie/lettings/34-seagrave-way-finglas-dublin/1400888/

handlemaster

marathonic wrote: »

I'm looking into an investment property in Donegal and don't understand all the negativity. The yields in Dublin seem much better - and I considered looking there but, as I don't know the local market, would be fearful of rents dropping (they seem ridiculously high to me as a person living where rents for a 3-bed semi are about 500 euro per month).

For example, if the OP were to put down a 50% deposit on the property below, they'd have a mortgage of €50,000 on a property giving them €12,000 per year in rental income (obviously, there are expenses - but not to the extent that such an investment would not be worthwhile).

Is there an issue I'm not seeing with the property below (and a similar one that rented for €1,000 per month recently)? I just can't get over the negativity for something like this so there must be something I'm missing.

http://www.daft.ie/sales/31-seagrave-drive-st-margarets-road-finglas-dublin/933874/

http://www.daft.ie/lettings/34-seagrave-way-finglas-dublin/1400888/

You are always going to get pessimists that will tell you the sky is black when its blue. If you have the funds and have the numbers working out and factor in some changes down the road go for it.

The_Conductor

marathonic wrote: »

I'm looking into an investment property in Donegal and don't understand all the negativity. The yields in Dublin seem much better - and I considered looking there but, as I don't know the local market, would be fearful of rents dropping (they seem ridiculously high to me as a person living where rents for a 3-bed semi are about 500 euro per month).

For example, if the OP were to put down a 50% deposit on the property below, they'd have a mortgage of €50,000 on a property giving them €12,000 per year in rental income (obviously, there are expenses - but not to the extent that such an investment would not be worthwhile).

Is there an issue I'm not seeing with the property below (and a similar one that rented for €1,000 per month recently)? I just can't get over the negativity for something like this so there must be something I'm missing.

http://www.daft.ie/sales/31-seagrave-drive-st-margarets-road-finglas-dublin/933874/

http://www.daft.ie/lettings/34-seagrave-way-finglas-dublin/1400888/

Seems like a good ROI given the asking price is only ~100k
Find out details- how long similar properties took to rent, whether 1000pm is the going rate, what the management charges are- etc etc etc- and plug the figures and see what you come up with. Anything north of 7-8% and I'd say go for it- but keep in mind, being a landlord is quite a bit of work.

Jaybor

The_Conductor wrote: »

Seems like a good ROI given the asking price is only ~100k
Find out details- how long similar properties took to rent, whether 1000pm is the going rate, what the management charges are- etc etc etc- and plug the figures and see what you come up with. Anything north of 7-8% and I'd say go for it- but keep in mind, being a landlord is quite a bit of work.

In my experience people who have never been a landlord tend to grossly over estimate the amount of work and expenses involved.
Sure, there is a little work at the start (it will be the easiest work most have ever done), but after that you should get it down to a property taking about 1 hour per month of your time.

You can get an agent to look after it for you or you can look after it yourself.
An agent will take care of letting, maintenance and so on. You can easily do this work yourself, as can you do your accounts if you choose to save the money you would spend on an accountant or agent.

I use an agent to manage some properties and will probably end up using them for all of them in the next few months.

If you do choose to use an agent.
Never ever use an agent to only get you a tenant, because thats just a waste of money. You are paying them for nothing really. When an agent is actively managing your property then they have a vested interest in finding the best tenant they can for you. The other way they just find you a tenant and leave them at your door along with any potential future problems. Their interest has ended.

If an agent is managing the property it will cost you about 8% (pay no more than that. Some try to charge up to 20% but can be bargained to 8% and if they cant then go to another), and is tax deductible. So for that cost you never get called, you never have to worry about finding people, checking refs, all sorts of stuff. Its worth it. You could go years without getting a call from an agent unless a tenant moves out or a cooker breaks or something else you have told them to call you when happens. Usually you are then told a price from quotes they have get from their guys for the repair/replacement and you say yes or no. example. Agent rings you and says the oven is broken, we can get a new one installed and the old one taken away and its €120, or we can get that one repaired for €75. Simple as that.

Dont bother at all with an accountant. The form filling is literally 30 minutes work and is dead easy.

Another thing that seems to be overestimated are kit out and maintenance.
Go to Irishlandlord.com and read about real experience of those things.
For a start if you spend even €1000 on kitting out a 1 bed apt form buying, you are really getting it wrong, unless its high end with high end rent.