If you need it to be positive, and you want to set & forget for 15 years...
My advice would be to take that 500k and buy 2x 250k places with it. Areas such as Paralowie (high owner occupier count) and Salisbury (good infrastructure) will be great for years to come, are positive cashflow, etc.
$200 is definitely under, but the amount you could get depends on the condition.
How long a settlement do you have? Are you planning on doing it up or keeping it as is? $240 could probably be ok in my experience.
I use and recommend Terry from LG Accounting Solutions in Osborne Park. He's an investor / developer himself so is fairly easy to relate to.
I email / call him fairly often with all my random questions and he's always happy to help.
In the Greens negative gearing proposal, they suggested abolishing that will add a very similar figure.
Therefore, why won't the Greens suggest measures to get state tenants paying, instead, if it indeed has a similar outcome?
Don't get cold feet, that's a decent buy. 7.5% yield (depending on purchase price) and subdividable is nothing to sneeze at.
How much may I ask?
I've been following that. I'd buy it myself if price was ok.