I was looking at that actually, a townhouse came up, asking price $175k, renting for $260/wk. Say you can pick it up for $170k, that's almost 8% return.
$260*52 = $13520
BUT
$1600 Strata
$2600 Council rates (figure supplied by agent)
$9350 Interest ($170k @ 5.5%)
$1082 PM (assuming...