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Touche! ;). The depreciation WILL be higher for the first few years compared to an established property, but the benefits will vary depending on an individual's tax position.

You will likely get higher depreciation for the first few years...

I haven't done number 1, And last time I checked, "hope" wasn't an investment strategy! :D But, with number 2, if you buy in a location with the right fundamentals and good demand, then prices should increase. Hence, your valuation should increase. Or you could do a reno to potentially...