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I think the general advice here, and mine too, would be to work out what you're after and go from there. To start with an abstract idea ( a renter on 600m) and then look for a suburb is perhaps a bit restricting. I'd be looking at budget, and what can be purchased in the chosen area and...

Interesting about the covenant vladt. this from the website seems a trifle optimistic then: If you could get the land value alone for 320 or so it might be feasible but i'd say just keep looking. The one thing that Somersoft has taught me over and over is that the perfect property for you...

I'd agree with Brando22 on choice between the two - but the description sounds like a major reno if not a pulldown and rebuild - and if the RE agent is saying needs work then it probably needs a bulldozer. The pool would put me off with the other one - unless you want to convert it to a solid...

If you just want land value to bulid on (ie the run down cottage site)wouldn't this be better. http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=2705121&f=0&p=10&t=lan&ty=&fmt=&header=&cc=&c=84840890&s=vic&tm=1261437388 to build from scratch