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If you'd looked there you would notice yields of 6%ish so not + cash. You need closer to 10% yield which is outside VIC generally. Look at Morwell/Mildura if you must buy in VIC Then look everywhere else in Aus and see what you find. Lower price doesn't always = worse quality.

I disagree respectfully Aaron :D The houses you buy all hinge on how well you buy them. No use buying 3 overpriced cheapies as opposed to 1 higher priced bargain. Generally though, I think 3 is better than one because of the rental yield will often be higher and also the diversity...