You could buy a two bedroom unit in Auburn for $270k rented for $315/week
http://www.realestate.com.au/property-unit-nsw-auburn-109893806
or one for $280K rented for $330/week
http://www.realestate.com.au/property-unit-nsw-auburn-109089461
Auburn is 19 kms from Sydney cbd and 4 train...
