If your kids are going to college in Galway that it's a good idea to buy there as that will save you accommodation costs. Taylor's hill is one of the most expensive places to buy. You would get a better return in the well known student area (not all of course) of Newcastle.
I agree with you on mangement fees, but that's not the only problem with apartments. Lots of problems in some estates with management companies, people not paying up, parking issues and not enough in sinking funds.
Stay away from the student market if you want my advice. There are though many landlords good at this type of market. In Galway not only have you the Sept to May student market, but if you purchase right you could also be in the tourist market in July/August. I've done students, holiday and family rentings and now will nonly do family or steady people.
Can you do up the figures of what price, location, and rent you think you will achive and also put up what you think are the costs. If you're going to spend a lot of money you should spend some time figuring out the costs so that you see what you are getting into.
Most importantly, do you have what it takes to be a landlord. One other very important point, as this is an investment, right now is excellent from a CGT point of view. We cannot discuss house prices on here, but it is something you must consider. Apart from Dublin, Cork and Galway are strong markets. But location is key.