renovations

Nate welcome to the forum.
Your question is hard to answer what you need to be very aware of is your investment goals.
Are you wanting to make a quick profit?
Are you a buy and hold type of investor if yes then what is the likely capital growth ?
What sort of renovation works does it require as structural or roof repairs usually do not increase the value?
Are you planning to on sell it after renovation if so what are similar properties that are renovated selling for in this suburb?

if you are selling it after renovation work always calculate profit backwards.
Profit = (Future possible achievable market price sold for) – (renovation costs) – (purchase costs) – (bank interest on loan )

Note: bank interest on your investment loan is a holding cost and if your project takes longer than expected it increases !
As you are new have you read a lot of books as knowledge is a great thing to build on.

Hey nate

When you say "duplex block", make sure you aren't confusing dual occupancy with the ability to subdivide – they are two very different things. 

There's nothing wrong with doing either of them, but it's not something I'd jump into for my first deal.  But don't let what I would do stop you – just be aware of everything before jumping in with a firm plan.

Eg, is it possible to subdivide?  Is the house in the right place?  Would you have to move the house?  Do you have enough street frontage?  If you could subdivide, would you find yourself with the two smallest blocks int he neighbourhood, making both of them impossible to sell??  What are the council requirements for subdividing in that area?  Easements and other claims on the block??

Work hard, and expect success!

Andrew