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thanks everyone, very helpful!

thank you both for replays, very helpful! As it turns out it is a hotel and I'm not really interested in such investment. What are your opinions about 1bdr units / studios in the area?

Hi, What do you reckon, buying IP like this, is it good idea? http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106165146&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=71252897&s=nsw&snf=rbs&tm=1262571219 Asking price $269k, currently rented for $429 p/w. Anyone has experiences in the...