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I have, but it did take three weeks by the end of which I was wondering whether I'd made a mistake.

Mine is now up for letting - took me longer to sort out the necessary than planned. Cost me $285K + $12K on refurb work (+ about ten days). Beautiful house, brilliantly located for shops etc, but runs the risk of being expensive for the area...

AIUI the rent position on the unit is that it is currently on month-to-month at a lower figure, but if you buy as an investor then you should be able to let it at the higher figure to the existing or new tenants. The vendor probably doesn't want to push it in case they leave. They are right...

Am still looking, any comments on the relative merits of these two http://www.domain.com.au/Property/For-Sale/Townhouse/VIC/Ballarat/?adid=2009267971 $237K - near new 2+1 so should be good depreciation, faces a semi-busy road and next to no sitting out space at back, bus stop almost outside...

Similar here. I've been knocked back on a 2+1 unit in Canadian, asking $197K, currently rented at $195, built 1990 so minimal depreciation. Sound but it will need complete redecoration, carpets and kitchen replacement when the current tenant leaves - $10-15K? spend, rent $215? Plus side is 400m2...

I was up in Ballarat last Saturday looking at 2-bedders for +/- $225K. Looked at ten (seven from street only), only three worth further contemplation. It would be different if I were a local and/or looking for reno/development possibilities along the track - I'm looking for no fuss buy and hold...

I'm looking hard at what's on offer in Ballarat and for me it comes down to (say) a 2+1+1 unit at around $195-200K renting for $220 or a 2+2+1 at $240K renting for $240. Extra rent (80%) around $800p.a., extra interest $3000. So on the numbers, a 2+1. Against that, in a future market with much...

Thanks for the feedback - I'm of an age where I'm not looking to increase my borrowing (and probably couldn't if I wanted to) but could add one more property in the $200-250K to my other two (in Frankston and Melton) as long as it pays for itself. Point taken about location - I've only just...

Anyone care to offer an informed opinion on this as a buy-and-hold minimal input property. I haven't come across a five year lease before except on serviced apartments. A long term lease of approx 5 years makes this 2 bedroom brick unit a great opportunity. If you are considering your first...