My 2 cents worth…

Dont forget to consider the Property Management costs unless you are going to manage the tenants yourself.
Allow around 8-9% of your rent to cover this cost.

I estimate you will be negatively geared by around $890pa ($17 p/week) after management costs.

Hopefully the property will give you good capital growth over time regardless of the eventual cash flow position.
If Capital growth prospects are strong a small income loss would be acceptable to me.

Your deposit is irrelevant when considering your cash flow position with this property.
Income v's expenses is what you are comparing.

Hope this helps?

Dave