You could buy properties like these!
1st $130,000
Rent $160 p/w = $693 p/m
Repayments on $104000 loan @ 6.48%= $656 p/m
Deposit @ 20% = $26000

2nd $120,000
Rent $140 to increase to $150 shortly = $606 p/m @ $140 or $650 p/m @ $150p/w
Repayments on $96,000 @ 6.48% = $606 p/m
20% deposit = $24000

Vendor will even leave in $10k -$15k to help with costs etc..