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I have NSW and VIC regional IP's and one thing I have learned is the rental market is fickle and you can ask whatever rent you want... doesnt mean you will get it :) They boom and bust on rental yield in far more extremes than metro. So for the purposes of cashflow be conservative on the rental...

At $135pw rent and $2650 in outgoings, thats 36% of gross rent eaten up. At quick sums, gross rent $7250pa - $2650 outs - $558 pa mgmt fee at 7.7% - $300pa LL insurance - $3825 @ 4.5% IO loan repayment = -$83 pa. I fail to see how this is a nice little money earner?