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Improve the unit, increase the rent, pay down the mortgage, or just rewind time a bit and get a cheaper one :p Rent will go up with CPI over time and you'll end up positively geared eventually regardless.

You lot should come out here. Rental returns are just silly. The minimum rent on an old house is about $200 these days and old houses cost < $200k. Or you can build a new house for ~$170k and rent it for close to $300pw. There's 3 for sale at the moment that are positiveish (its much higher...