Have learnt a lot reading through everyone's stories of their IPs so I thought it would only be fair that I share the story of mine as it happens. I'll try to keep it as short and sweet as possible. I wasn't looking to buy in Cowes (already have an IP there) but this popped and it seemed to good to pass up. The house is 13 Yarramundi way cowes House Sold Cowes, VIC 13 Yarramundi Way It was advertised for $299k, a mortagees sale, I looked at it on the Saturday and was told there was already 2 offers on the table and it would sell by Wednesday (they had to wait for a valuation before they could sell) After some serious consideration I offered $300,000 and was successfull I have since found out that there was 4 other offers and I was the highest offer by only $900. The Good: 4 bed, 2 bath, 2 kitchens, 2 laundries. Slight water views from the decking North facing 620sqm block (I think) 1km to beach 500m to Main Street. The Bad: The old owners decided to put the plugs in the sink and turn the taps on then they walked out... (No major damage accept for all floor coverings) All the external decking rotted Yard needs a good tidy up (a bit of tree lopping $$) Outside needs a paint Gutters need replacing Only one north facing window The plan: Seperate the back self contained room to rent the 2 areas seperately. Full paint, inside and out (excluding cladding) Decking replaced including and additional carport put in underneath deck New electrical metre (to seperate the two) Down lights throughout New vinyl floorboards throughout Major yard work to clearly seperate the two areas and supply each with carport New sliding glass door/window to highlight the north facing aspect and waterviews 2 new split system units. The numbers: Bought $300k Stamp duty 15k Renos 25k Potential rent $440-480 per week ($260-280 front half, 180-200 back half) Conservative Valuation after renos $350k (hoping for $380s but good to be conservative) That's my basic rundown at the moment, I'm not a spreadsheet analyse every detail type of person, more of a have a crack and see what happens type but I have down my DD and the numbers are good so guess I'll see how I go!