First Property - Advice Needed!

Guys

I am trying to enter the property market... Keen for your thoughts on my analysis on the following property / opportunity..
2 Henty Street Melton South Vic 3338 - House for Sale #124237090 - realestate.com.au

A little about me;
- 31 Year Old, Married, 1 year old, wife is no longer working
- $205k p.a income + bonus (recently jumped from $135k).. Not mining.. large company mangement
- $105k in savings at 2.4%
- Discharged bankrupt... (young(er) and dumb) It is well and truly off my file and my credit score is in the "Very Good" range
- Strong savings history until wife went on maternity leave then no savings history for last year.. Now on new wage saving again - over $2000 per month
- Risk profile... Conservative based on history but on the aggressive side of conservative

Strategy;
- Rent where we want to live (inner north) and invest for the next few years
- Maximise cashflow and build asset base
- Get first property mortgage free ASAP (i get this isnt wise but important to me)
- Buy PPOR in next 5 years.. Likely $1.4m+

Assumptions;
- I am assuming i will never ever get LMI due to bankruptcy
- next kid is 12 months away (hopefully) so wife not going back to work

Why I like the property;
- Melton West is in a growth corridor of melbourne with employment growth both in western corridor but also Geelong
- train line will be electrified at some point i am assuming (Wallan too im guessing)
- corner block.. potential development op in future
- in melbourne.. id like to be able to see the property because it is my first

Worries;
- Quite run down

I'd love some feedback on my thoughts and situation and any advice on how I can succeed!!

Thanks all!

 

Is thereba possibility of a dual occ or granny flat as this is a corner site? I know nothing of the appetite in Melton for dual occ or gf.

 

Im not considering any upside from the granny flat.. I dont see any value in it

 

Doesn't seem that run down to me. My biggest worry is the quality of tenants. Too many headaches in melton

 

Melton seems pretty far out.
My concerns would be the quality of tenants at that price point, if the bungalow at the rear is council approved, the age and quality of the building, there being plentiful of vacant land around that can be developed causing an oversupply.

 

Cheers for the feedback guys!