Renovation Idea: ye or nay?

Hi I found a 152m2 2BR2B house in a regional CITY of Victoria. Its in a blue chip suburb. The house in on 1000m2 land and 50 years old. The house condition is like a it has a hard shell of brick, everything else is dated. The asking price is about 75k below market price (comparable size of houses with similar land component, polished, renovated houses in the same street/nearby streets) and I think the owner will take another 25k less offer (asking price 450k, similar but polished houses in same street are 550k+)
The house needs the below repair

Gutter & eaves painting: ?$1000
Internet painting +_ external painting: $3000 ?
Plumbing: ??
Rewiring:??

Kitchen: $5000 including appliances
- See photos attached
-Plan to keep the same structure, no replumbing required
-repair and polish the fences and bench top
-change over and stovetop
-add dishwasher
-Splashback tiles dark and painted: boring. can i get away with brushing/ repeating the splash back tiles?

Flooring: Budget $5000 for all flooring
-current carpet is 45-50 years old, coming off from floorboard underneath
-replace carpet or repair and polish floorboards and removing carpet
-kitchen and dinning has no tiles, no glued mat to the floor. replace with tiles/ laminate in the kitchen area only

Bathrooms -Budget: total $10000-12000
4m2 and 8m2: shower frame, tiles look eaten out. commode,basin and shower heads etc looks new.
-keep the existing plumbing, change tiles
-add new vanity or repair exiting worn out cabinets

Window frames, sliding door frames: all functional but looks old
-repair and paint $2000
-repair fly screens (all are torn in many areas): ??? all windows: ??3000++

All doors: $2000
Chippings, needs repair or replacement Please see photos

All locks and knobs: almost coming out: needs change: $2000

All build-in cabinets: $2000
total 6 of them in the house: ? 2000 for repair repaint only
- chipping, eaten out, knobs not working ?repair/ replacement
-

Landscape: $5000
-already has structure and garden is done, but only with overgrown shrubs above 6-8 feet high
-cut and clean all the overgrown shrubs and bushes of latest 600m2 backyard and around the deck (I am afraid on insects that come from the dense vegetations !!!)
-remove the big trees and replace with those who do not ever grow more than 1 ft height!!

Pergola: ? $3000
rotten woonden post: repair ot replace with repainting


I want descent cheap reno for renting. all the other 4BR houses in the streets nearby are rented for 450/w here and most of the other houses for rent/sell in the suburb are very tastefully renovated.

is 40k to 50k is doable for the above with a 10-20% extra margin for blow up budget?
In that case the 40K will need to be cash.

Is it a good area to buy a house with 450k and add 50k reno while similar houses are being sold for 550k? or I should buy a 2 or 3 BR small house to move in now and use the extra cash which i am thinking of using in renovation, should be saved to buy next IP?

Investors in this area usually hire a contractor who does all the different types of jobs and it turns out a bit better deal than doing bits and pieces separately.
-this will be PPOR for a couple of years and then rent it out
-long term place is to KDR 2-3 duplex/ villas in 20-30 years





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Definitely looks ripe for renovation. It's hard to say but your budgets all seem okay, though I'm itching to tell you to do your own landscaping and save $4,500!

If you've got solid evidence that the renovation is financially feasible (and it sounds like you do), then go for it!