Hi All, I need some hive-mind advice to understand what to do with the following offer: One of my friend is selling his investment property in Hebersham, NSW for 445k (700m2 block and old 3bedda). Bank has done their valuation and provided 460k (360k land and 100k house). I am quite keen to buy it, but I am totally confused, although I've done my math and I will loose around 550$ a month for this property with the current tenant. I am confused because all people around me express completely different opinions. Pros: Big block of land Affordable price Cons: Crap area with crappy tenants Very old 3 bedroom in awful condition I assumed that in worth case scenario I will invest around 20k to completely renovate a house, considering that I will do most of work (painting, laminate, windows replacement, fence repair and etc.) What did I missed taking into consideration that I never was investor before?