Here is an alternative worth considering and lets do things a little differently this time.

Firstly the asking is $239,000.00
Secondly the income stream gross return is around 10% based on the asking price when fully occupied.

You may even be able to positively gear this one with a depreciation schedule available.What do you get? 5 bedsitters situated in a leafy position and close to clubs, parks and shops.

3 have been fully renovated with new kitchens, upgraded bathrooms while the other 2 are well presented and ripe for the same makeover that could increase the return even further..