Buy, Reno, hold?

Probably better in "Caveat Emptor" section, but I'm not selling so I thought this section might be relevant.

I'm sure if you're looking for this kind of project you'll have the alerts set up already but if not, this one popped up today and might be a cheap start for a buy, reno hold project.

http://www.realestate.com.au/property-house-wa-lockridge-113249855

At a quick glance, the cheapest 3-bedder advertised in Lockridge is asking for $440

Thoughts?
 
Heres some sale prices here. I wouldn't think the ave home would sell for $440,000. I have noticed some rediculous prices around the area though, and it does look like some people may be paying them :confused: About a year ago I'm fairly sure you'd be paying around $320,000 for 1960's reno'd homes so I think newbie investors could easily overpay if they didn't research thoroughly. http://house.ksou.cn/p.php?q=Lockridge&sta=wa But maybe the prices have really moved and I'm out of touch.
I do think that is a decent price though, have no idea what work is involved
 
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