Buy or Not To Buy

Hi helpers,
I am looking at a house for 300k which has a big shed on back of block. Currently i am paying $60 p/w for storage, i have a home improvement buss, I can rent the house for 280 p/w use shed for myself saving 60 p/w plus rent 280 p/w plus 60p/w from another + ip, would have 400p/w towards loan, rates, ins costing 500p/w.
My outlay would be 100 p/w which is no problem.
The way i am looking at is i really need the shed its big and close to my home ,the rent for my current shed is tax deduct but not suitable and the money looks better if its going into a property. I would stop putting $100 p/w into super so that would cover it.
The house has been renoed totally and is close to town. (Coffs Hbr)
Any ideas would be much appreciated.
Robo