Beau-Lea Miller from Beautique Reality, knows the area well. She manages a few of mine. You can not beat her for quality. She also has her own investment properties so understands the needs and requirements of an investor.

0411439437

Jeanie from Elders Reality is very good.

Maybe the roof collapsing due to degradation or the possibility of it coming off in a storm is also a health and safety risk.

Minmise the rubbish you read on this forum. Remember alot of lies are told on the forum and same as Property Magazines.

The magazines are sold to make money!! I love stories where someone has inherited a heap of money and there is only a small token sentence 34 of the way through the article.

You never see an article titled: "How I bought 3 properties with the 500K I inherited"

Grain of salt.

Nigel Kibel on this forum is a Brisbane expert. I think with that sort of money you could get a property in a better area than those that you have mentioned. You could possibly get a unit closer to Bris for that price. Toowoomba and Ipswich are also worth a look at.

Put it through your land lord insurance. My insurance company covers loss or rent until such time the property is re-leased. Property must be under a fixed lease. They also use the bond towards the first 4 weeks loss of rent which can leave a hole in your pocket if there is a bit of damage. As long as the property is advertised once vacated, they cover up to a total of 14 weeks. So to make up for the 4 weeks of bond used, im never in a rush to get someone in and always go close to the mark of 14 weeks. 

Ipswich are very stringent on subdivisions and very expensive for the location. Knowing Ipswich very very well it would be unlikely to make any money off the deal if you were to sell the rear property. Im not sure if they would approve it with the eaves distance from the boundary. They may consider "what may happen in the future" ie future owners may want to subdivide or strata but can't. Im not sure how they would also look at the size of the block and number of dwellings along with how they would calculate the acutal building block as the hatchet needs to be taken away m2 wise most of the time.  ie if your total block on a normal subdiv is 550m with the driveway being 50m2 the building area is 500m2. 

Im guessing from your description your prob in the Eastern or Northern Suburbs of Ipswich. Im not sure if there would even be cash flow in it. It would have to cost you high 100s or low 200s to build something decent, what would it rent for close to 300s? It also has to take some value away from the front house.