TAS Launceston -good buy?

What are peoples thoughts on this property in Launceston which just sold.

https://www.realestate.com.au/property//30-tasman-hwy-waverley-tas-7250

Saw it listed last weekend for offers over $379000. On 1000m2 of land, elevated. Adjacent but not in a bad neighborhood, looks geographically quite removed from less desirable neighborhood.
Previously sold for 160 in 2014- was a bit crack den-y. Nicely updated now with hardwood flooring but still more room for upgrades: kitchen and bathroom. I would paint the exterior too. Says est rent was $320-370 I think? I feel like you could get ~400?

It was purchased for$402000.

A good buy?

 

Its on Waverly Hill, Locals will always see it as Waverly with the baggage that brings.

A ripper of a corner on a road bike though

As far as rent and capital gains go???? Lower socio class is already being squeezed. Maybe they get gentrified out and main-lander's don't see location as Waverly. Probably a limit to gentrifying Tasmania and getting the subsequent capital appreciation though. You can't bring workers in from the next suburb when you are an island.

 

Not for me