Looking for advice on my next purchase

Guys,
Looking for some feedback on my next play (in about 6 months’ time).
Currently have 1 x IP in Brisbane (2bedder, inner west) which is pretty much CF neutral.
I have been doing the figures on properties sub $200k in Elizabeth SA.
Positives:
Ø Low entry price
Ø Add value via immediate cosmetic reno
Ø Yield 6.00+% (possible 7.00% yield after reno)
Ø Potential subdivision later down the track
Ø Bottom of the property cycle
Negatives:
Ø Adelaide has poor predicted population growth
Ø SA economy weak
My thoughts are the ‘negatives’ are cyclical and one day (maybe when government changes hands down there?) will eventually change for the better.
Purchasing at/or below market value, then creating value via cosmetic reno & then holding seems to be the best strategy here?
Thoughts?

 

imo it depends on your financial situation/goals. Wouldn't make much sense to me for a couple on 200k net income a year, buy 1, 200k property in Adelaide.

 

Single, Early 20's, circa $80k fincome for 2016FY

Just about to move out of home & spend the rest of my disposable income on rent and, as such the property must be at least neutrally geared, CF +'ve even better (hence hwy Elizabeth, SA caught my eye).

 

Gotchya! If your looking into Adelaide @D.T. is one of the people who I think knows it well and done well there mate.

 

Stick to Brisbane or Melbourne with that budget.

On your due diligence, negative wipes out most positives.