Elizabeth is not a nice place.......................
I lived in SA for a while working in law enforcement and going to Elizabeth it was just really a sad place. Lots of domestics, drugs and violence. The people are really rough and the place just feels blah!
You might get ok returns BUT you also might get an amphetamine lab in your IP kitchen.
Not wanting to quash your dreams BUT it is that BAD. I would suggest you go there yourself and be the judge.
I would try looking at places on the LE FEVRE PENINSULA. Try SEMAPHORE PARK, TAPEROO (still cheap - was rough but getting better!), OSBORNE (also still cheap - was rough but getting better!), LARGS BAY, PETERHEAD, BIRKENHEAD, EXETER, ETHELTON, ETC ETC.
They are all near PORT ADELAIDE and being on a Peninsula they are surrounded by water. I used to help out with PROJECT DOLPHIN SAFE there and there are lots of dolphins and even a seal colony off NORTH HAVEN. The beaches are absolutely beautiful and it is just a really nice area to live in. I had the opportunity to buy my rental property on the beach back in 2000 for $180000 - its now worth close to 1 mill.............. So nice returns can be found.
Stay away from ROSEWATER was public housing and the stigma is still there.
PORT ADELAIDE has long had a reputation for being full of freak's/dole bludgers and most of them live in ROSEWATER or OTTOWAY.
PORT ADELAIDE will only get better with time - a few years ago you couldn't give land away there - get in while you can!!!
Local council's website:
http://www.portenf.sa.gov.au/site/page.cfm
Remember also that ADELAIDE suffers from rising damp - get it checked out.
Oh and also there was a very bad flood in PORT ADELAIDE aI think about 30 -40 yrs ago and all the cellars in the PORT ADELAIDE area flooded over - so check out foundations and structures for safety. Not too mention back in the olden days there was a lot of smuggling going on there and the place is said to be riddled with tunnels underground for the smugglers to get there goods out on the sly. Again check the foundations and council records regarding flooding.
One last thing try the SA Public Trustee website for deceased estate listing -s they can be the best place to get a great bargain in Adelaide.
Hope this has helped