From the map it seems that there are no cross roads but bridges so you are not going to have the train horn blasts or boom gates ringing.
.
You need to probably be at the address when a train goes past to get an idea of the noise
as it might carry across the park as there looks like there are no barriers for the sound waves. However the terrain is not known.
Is there a hill between the house and train line which might stop the sound waves travelling. Like the soccer field might be higher than the train line and the house. Its hard to tell from the map. You might get an idea from Google Earth on the heights of the ground.

Probably another thing is how often do trains run on these four tracks ?

It is close to the train station which may be a plus.

it has moved onto the second page of the general property forum.

click on the 2 at the bottom of the screen left side of screen to go to next page
where you see 1 2 3 4 5 6 ……….266 >

or
click on
https://www.propertyinvesting.com/forums/property-investing/general-property/4329008?highlight=frankston

Hard to answer
Costs involved.

• Selling commission to real estate agent to sell property
• Original Mortgage set up fees
• Original Mortgage insurance cost
• Break costs if fixed term on mortgage
• Advertising to sell property.
• Legal fees for solicitor
• Holding costs – this is usually the negative gearing cost minus the tax return deduction you get back.
• Capital gains tax (at marginal tax rate) discount of 50% may apply
• Factoring in CPI to work out cost of $160,000 in real terms. eg 3% CPI  $4800 or 0.6% = $960

1995 Cranbourne Victoria 3 bedroom house – $76,000 . Research was not much. How long did I wait two weekends.
Currently worth $240,000 I owe about $20,000 only due to upgrading the cooling and heating at $8000 and also re-borrowed $12,000 to invest in share market.

2001 Cranbourne Victoria 3 bedroom house – $100,000 . Research was not much. How long did I wait one weekend.
Sold in late 2004 for $170,000- wish I could have held on to it as worth $240,000 now ! but did not have a job and couldn't keep covering the negative gearing. If I had a job I would be buying another one. Its in my blood so I can't help myself that I am itching to get another property.

Books I have read are about 80% of the investing books out in the market .
They are a cheap way to gain knowledge.

If you do not want to pay CGT do not sell it in the future (buying another small property straight with cash).
or minimize it by selling it in a financial year you do not earn income. Note Austudy, Centrelink or Parenting Payment, ECT  previously paid to you would be clawed back if Austudy or other payment was paid say to December 2009  and you sold with a capital gain in same financial year up to 30 JUNE 2010.

If you rent out the property you are using the property as an investment property and capital gains tax is payable on any future capital gains. If it was your main residence ie you lived in it and then decided to rent it out you may be able to retain the main residence exemption for 6 years while renting it out to someone.
see
http://www.ato.gov.au/individuals/content.asp?doc=/content/36887.htm
Note: you cant have two main residences as explained in above ATO link.

If you get Austudy and Rental income it may add up to over $6000 a year and the rental income would effect the Austudy payment calculation by Centrelink and be taxable income.
(negative geared losses are deemed as income by Centrelink and Family office for calculating your payments)

If you rented out part of the house it would be capital gains tax liable if you make a capital gain.
see
http://www.ato.gov.au/businesses/content.asp?doc=/content/43142.htm

Also
if you have owned half of you fathers house as joint ownership your CGT is
50% DAD 50% You
if you have owned it for over twelve months
50% DAD * 50% discount =25%
50% YOU * 50% discount = 25%
http://www.ato.gov.au/individuals/content.asp?doc=/content/36552.htm

$850,000 – $630,00 = $220,000 capital gain excluding cost base second and third components you may be able to add to cost base!
$110,000 DAD $110,000 YOU 50% ownership
$55,000 DAD and $55,000 YOU 50% discount
You are at university so tax rate may be 15% if on low income say example of $15,000
from $6000 to 15,000 = $1350 tax (15%)
from$15,000 to 34,000 = $2850 tax (15%)
from 34,000 to $55,000 = $6300 tax (30%)
Normal tax $1350 plus $9150 for capital gain total tax $ 10500.
so cash of $100850 after tax
really depends on what other income you earn for the year see tax scales as taxable cg $55,000 added to other taxable income
to come up with new taxable income.
http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm
You said we so DAD
lets assume DAD earns $80,000 a year normally
tax on $80,000 = $18,000
add on $55,000 extra tax is $22,000
total tax $40,000
cash for DAD part = $110,000 – 22,000 = $88,000 cash left over
can use this calculator to work it out
http://calculators.ato.gov.au/scripts/asp/simpletaxcalc/main.asp
Really depends on DAD's assessable income for wages

WE total cash is $88,000 + 100,850 = 188,850

I haven't factored in selling commission for agent and legal fees for conveyancing !

Welcome to the forum Helen
You might find this book of use
http://www.investors.asn.au/reviews/books/?bid=227
page 74 to page 80
You may be able to borrow this book from a library

Well done

It may have a bad image but it grew in capital value during 2000 -2004 when the property boom was happening.

There is also council regulations on animals barking
Not sure what law it is in your state but in Victoria it is
Domestic (Feral & Nuisance) Animals Act 1994
The law makers created a law that your dog is not allowed to bark and that you are not allowed to have a dog as a guard dog !
This was suppose to stop dogs attacking children and people.
In the current news in the west suburb of victoria this law doesn't work at stopping dog attacks as two children have been attacked .
Maybe they should have involved some dog owners in what causes dogs to attack as barking doesn't mean a dog is going to attack you.
It is more of a warning signal of a guard behavior that is in the dogs nature.
So if your other tenants log when the dog barks they can complain to the council and the dog owner gets fined.
It only takes one complaint even though your other neighbours don't mind your dog barking.