I've been looking for a property in Adelaide the past year or so and a listing in Alberton (5014) caught my eye last month. The front facade looked like a beige rectangular bunker. There's this wall of decorative concrete block that spans the entire width of the house. It had really poor street presence compared to the beautiful period homes you'd normally find in this suburb. However it's walking distance to train station, local IGA, post office and chemist. Adelaide CBD is only 11k away. @D.T. , kindly inspected the property for me as part of his interstate property inspection service. It was really convenient, saving me the cost of flying down. Long story short, I low balled and settlement is scheduled for the end of this week. The property was previously used as a GP's practice. Built in the 60s, it's a brick construction with flat galvanised iron roof. Land is zoned as residential. There will be minor change to the floorplan to convert it back to residential use. I'm hoping that we can end up with 3 bedroom and 1 bathroom at the end of the reno. The plan is simple. Renovate, revalue and hold. My case study is a similar property nearby that sold for 428k post renovation. Approx numbers is as folows Purchase: 280k Stamp Duty & Purchase Cost: 13k Insurance: 1k Holding cost: 4k Renovation: 40k Contingency: 10% Target valuation: 390-400k (10% less than suburb median) Engaged @D.T. to manage the reno for me, and he is currently organising trades at the moment to finalise their quotes. So in the coming weeks, @D.T. and I will try to post any progress and updates.