Ok so been keeping this very quiet since I've been working on it but now its gone unconditional so I will share some details. It's a very neat little project but one I anticipate won't cause too much trouble to get off the ground and have a good end profit margin. Was able to get it at a good price too. Its not typically what I'm interested in but for the location, the price and the current cycle of the state bought in, I think its a no brainer deal. The Deal: Location: Brisbane, within 12km of the CBD, good suburb.Decent street, not the best but surrounded by good streets. Property: 3/1/1, on approx. 550sqm block, relatively flat land. Currently in quite poor cosmetic condition and will rent for about $350-365/week. Price: 415k, off market buy. Settlement period: 4 months negotiated. Plan: Do a very slight cosmetic reno to get it looking a little better and then rent out. I estimate the reno will cost under 5k. Should look more presentable and rent for around $370/week. So will be a short term negative cash flow deal, but not by much. Will rent it out for 6-12 months or maybe longer (not decided yet) and then knock it down to build a new, modern higher end home. Currently in neighbouring streets new modern homes are selling for anywhere between 950k and 1.2mil. So there seems to be a decent margin there for a new home build. I like this project because it feels to be a low risk, neat and simple project that should yield a decent return on total costs. Also, the short term holding costs are quite low and no change to the density of the land so the project shouldn't have any problem to get approved. I have actually been quite lucky in acquiring this deal so always happy to have luck on my side. I'll start a new thread in the development section when this project eventually gets off the ground. Cheers.