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Not only appropriate but the only strategy for an IP in my opinion. Have a read of this thread: http://www.somersoft.com/forums/showthread.php?t=50517

Yes, here's an example: $1M house on the beach front will maybe only get a 2 - 3% rental yield but might in 10 years get capital growth that see the price triple. Whereas a $350K house might get 5% rental yield and in the same 10 years might only get a doubling in sales price. This is a...

PROs: Rental yield Position Renovated (but do something with those tiles in the bathroom) CONS: Only 1 brm Communal laundry (I'm not a fan) Also check the size is >50m2 for getting finance purposes