I'd be surprised if it was being bought out as it's sandwiched between most of the sh#t on that side of the bridge. I'm guessing any tenants would be dept of housing or Anglicare backed. The rental returns seem pretty low - $190-$220 per week so it would still appear to be a housing commission suburb.
Still housing commission, but houses around the outskirts are starting to become bought out by investors because new subdivisions (and an entire new suburb) such as Oakdowns, and Glebe Hill, aimed at higher socio-economic groups are being constructed around the area. The suburb on the other side of the highway (Rokeby) has some good priced jouses, but considerably tamer than Clarendon Vale, ie, you won't be replaing windows every week or own a property with about an 80% chance of it being burnt to the ground.
I would steer well clear as it will be a long time before it transitions anywhere close to a stable OO suburb. It really is very low socio area, and althought Oakdown/glebe hill are close, they are worlds apart.
For a suburb much closer to city (5-10 min to CBD on highway), with similiar prices, and much further along in the transistion from housing commision to stable OO suburb I would look to Warrane. Right near transport hub and eastlands shopping center, this is a much better prospect!
If I hadnt moved to sydney and wanted to add to my Tasmanian portfolio, this is where I would look for good returns now, good lot sizes and good CG prospects in the next 3-5 years.