An investment purchase should be assessed with your head rather than your heart, since you will not be living in the home yourself. Start with the numbers: likely rental return, vacancy risk for that property type and location, and how the cash flow looks once you factor in loan repayments, rates, insurance, and management fees.
Tenant appeal matters as much as your own taste. Features that matter to owner-occupiers, like a bold renovation or an unusual layout, do not always translate into higher rent or faster tenanting, so speak with a local property manager about what tenants in that suburb actually want before you commit.
For units and townhouses, read the body corporate records closely. A healthy sinking fund and a well-run committee reduce the chance of a large special levy landing on you down the track, while a building with ongoing disputes or deferred maintenance can quietly erode your returns.
Stress test the cash flow against higher interest rates and a period without a tenant, not just today's figures. A property that only works financially under ideal conditions carries more risk than one with a comfortable buffer built in.
Depreciation schedules, land tax thresholds and capital gains implications on eventual sale are worth discussing with your accountant before you sign, since these factors can materially change whether a property is a good investment for your personal situation.
Happy to talk it through — no pressure, no sales pitch.