I'm from Kilmallock and it is a nice town and house prices are fairly low. On the Tralee side (N69) places to have a look at would be Ardagh, Mungret, Newcastle West, Loughill, Glin, Foynes and Caherconlish. All these places are no longer than 30 minutes away from Limerick Loughill and Foynes are nice country places.
On the Cork side you would have Charleville (35min), Kilmallock (25min), Bruff (18-20min), Bruree (18-20min) and Dromine/Atlacca (25min) to name a few places. Out of those I think the cheapest would be Dromine/Atlacca which is a very small country town. Kilmallock is getting big and turning into a "mini" Limerick city but still a nice place to live.
Bruff is a nice town again getting bigger because of the proximity to Limerick.
If you need more information on any of the town just drop me a pm and I'd be happy to help.
AM