I am ready to finally purchase my first IP. Max purchase price budget it 460k. If budget was 30-50k higher I would ideally buy an old house on a 600m> block, and rent it out, then split it in the future. But budget is only up to 460k, so that has gone out the window. Realistically, my options are a) Jacana, good sized block, 3 bed ex commission home on a 600m block (however a lot are the nice brick ones that come up nice renovated). One of these went a few weeks ago for 379k, which seemed like a bargain to me (was in great condition, floors already sanded/polished etc, they tend to go unrenovated for 380-450k depending on block size.. Jacana in general seems to be a whole suburb of ex housing commission stock. It is the suburb between Glenroy and Broadmeadows. I actually really like Jacana, only problem is stock is rare, seems to only have 2-3 listings at any given time. I think the whole suburb only has about 800 homes. b) 3 bed Ex commission house, in the ex commission part on 600m block in Sunshine West. Would likely pick one up for under 430k c) May possibly pick something up in Sunshine North or West that is in poor condition, but in the non commission area but would likely come in at the 460k if I was lucky enough to get anything. Would leave no budget room to do any improvements, which in turn would mean lower rent. d) Glenroy, house already split on a 400m block (would try to pick up unrenovated/half renovated if I could get it for around 400-415k (just saw one of these listed (after reno) for 470-515k, though this may be a one off. I am just so lost and can't figure out which direction to focus on. Would appreciate member's opinions.