This 5-bedroom home is located in the lower end of the Moreton Bay Local Government Area, north of Brisbane.

We acquired the property by implementing the 'Buy and hold to renovate or redevelop later' investment strategy. As per this approach, the property will be rented out in its current condition while being maintained in the short term. Eventually, a minor cosmetic renovation will be carried out to increase its tenant appeal and yield. For the medium to long term, the plan is to either redevelop the block or sell the property to an owner-occupier who could build a new house on the block.

We also arranged for our preferred property manager to source a tenant, which resulted in 9 applications at the first open home, and the tenant secured before settlement.

• Purchase price: $637,500 (post negotiations after building and pest)

• Suburb median price: $665,000

• Property type: 5 bed, 2 bath and 1 car garage on a 610sqm block

• Location: Suburb in the Moreton Bay LGA

• Buyer: First-time investor based in Sydney

• Rent achieved: $600pw

• Suburb median rent: $550pw

• Gross rental yield: 4.89%

• Suburb vacancy rate: 0.8%

• Suburb average 20-year growth: 6.89%