Opinions on a North Melbourne apartment

Hi guys,

I'm a soon-to-be property investor, I've been educating myself for quite some time and I'm now in the position that I can buy.

I could buy something up to about $500-550K.

My strategy would be to buy and hold, and too hopefully make use of equity to by further properties.

For a long time, I've been talking about my investment goals with family and friends, and naturally, the first question I'm always asked is "where will you buy?". I've never been sure of how to answer that. I've planned to buy in Melbourne and not too far away from the CBD, but I've never been able to answer more specifically.

After watching a youtube video from a buyers agency, the suburbs of Thornbury, Ascot Vale and North Melbourne were suggested so I've spent a little while searching realestate.com in these suburbs.

Due to affordability, I feel like one bed room apartments will be best, and I'm looking for scarcity.

I've come across an apartment in North Melbourne that I like the look of.

I feel like it's the sort of place that I would like to rent. I'm a 30 year old, single, on a reasonable income.

As such, I'm wondering if I'm already making emotional decisions, or whether others would consider this an investment-grade property.

It's unlikely that I'll go ahead and attempt to buy it, but I plan to go to an inspection. It would be the first inspection I've been to. I'd like to go to a number of inspections and auctions before I look seriously at purchasing.

http://www.realestate.com.au/property-apartment-vic-north+melbourne-115827279

I appreciate your opinions and can handle negative feedback.

Thanks.
 
outside looks old, inside looks new

any flaws would have been hidden fairly well..

(i got a valuable lesson myself when i purchased something similar - not only i paid a premium on the reno done by the vendor plus i had to fixed the crap job he did after i moved in)
 
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