Hi! Young..ish investor currently undertaking first IP. Seeking advice!

G'day everyone!

Been reading the forums on here for a couple years now and almost pulled the trigger on some spruiker FB ads in the early days.. fortunately this place saved me from that.

Inheriting some land from family and want to make the most of it as an entry into the market.
I'd like to build a portfolio moving forward.. to create an income in 15 years of $75k (but potentially more than that in the long term).

About Me
- Late 20's.
- Started a small business a 2 years ago, net income around 100k per annum.
- Currently renting and happy to continue doing so moving forward.

Opportunity
Small rear block on a battle-axe subdivision in Kilsyth, Victoria.
Proposed 305m block with common ground (200m) driveway.
Plan: Build a single story 3 Bed, 2 Bath with Garage.
Finance build using a construction loan 200-250k

Have submitted plans to council, the street already has 2 battle axe blocks on it and there seems to be plenty of similar developments in the area going on currently.

Going roughly off recent sales and rents in the area..
Aiming to get a valuation around 600k. Rent for $400-$450p/w.
Should be cashflow positive and could leave me with about $150k of usable equity.

I'm covering all the associated soft costs and am saving cash for contingency but also with 2nd IP in mind.

What should I be wary of?
Is my goal of 75k in 10-15 years realistic given my situation and the current market?
What kind of property should I be looking at next?

Would appreciate any feedback or tips, thanks!

 

Inherited a piece of land worth $600k
When it is sold use the $600k as a deposit on a commercial property worth $1.8m yielding 7.5%
Fund the balance at 2.5%
So net rent $135k
Interest $30k
Net profit before tax $105k