Ipswich QLD property

[Rickduff]

Hello everyone.

Long time lurker first time poster here.
I have learnt quite a lot from this forum and from reading the books listed in the information area.
I have my wedding coming up in April so I'm not ready to buy at the moment but I have been cruising real estate looking for + cash flow properties.
I found this town house in Ipswich which looks too good to be true. Would someone be able to look at it and tell me why it wouldn't be a good investment?

http://www.realestate.com.au/property-townhouse-qld-churchill-113454107

I realise the body corporate fees are ridiculously high but even when subtracting them from the rent at $180 per week the yield is 6.9%

Thanks in advance for any insight offered.

 

[Truly Exotic]

thats all student accom, they have heaps of these for sale throughout the year,

 

[Angel]

It is right next to a creek..........

 

[Tulamalula]

check the flood maps

 

[Pa1nter]

I did a quote to paint one of these units,the water went up around 1 metre inside.
Upstairs was fine,

 

[Pa1nter]

Some photos of before

 

[Moneyman_85]

Only a small target market if you need to sell

 

[marg4000]

Are you working out the yield on the current rental or the "expected" rental?
Marg