Boronia Heights First IP

Have been looking at a place in the above area and while it is the dog in a good street it is close to shops, transport and schools. Boronia Heights is 32klm from Brisbane Central. The house is 3 bed highset house with a brick and fibro base on just under 800sqm.

My thought process is to have the place purchased and renovated (I will doing the renovations) all up for around $250000. Current rents for the area 320 - 340 (from agents) I'm basing my figures on 300 a week which gives me 5.75 - 6.24% allowing for 4 weeks being vacant.

I intend to hold on to the place as it is just in the negative by about $25.00 a week + expenses (rate, insurance etc) If I can cut the reno cost or purchase cheaper it may be cash positive.

Currently RP data indicates 315 a week rent, annual rise of 7.1% a year and medium house prices 332000 althought as this place not being all brick I'd say value is more arount 285000 - 290000.

My purchase plan is to increase the LOC on my PPOR current value appox 600000 with 160000 owing and 80000 available. Once I increase my LOC transfer funds into a seperate bank account to cover deposit, purchase and renovation costs etc, once completed get the place revalued and then refinance with stand alone finance on the IP with IO and offset or LOC.

So I guess I'm asking what are your views are on Boronia Heights and my figures re rents etc, purchase plan.

Am I looking at the right things or am I barking up the wrong way. Are there things I should be looking at?

Any other views most welcomed