Location is everything!!!
Better off buy a dump in a prime location then a mansion in the middle of nowhere (in terms of return/making a profit)
The property I mentioned earlier (purchased for 269) has just been listed for 440.
We updated the kitchen & added outdoor dining. That's it. Just happened to be an 'up & coming' suburb.
That said, purchased an investment out west for 116.. returning 150 p/wk.. I'd never live there but the (long term) renter sure loves it. Go figure.