A close relative of mine bought one in Sydney for $275,000 about 8 years ago, now worth over $600,000, nice property.
Having said that, I thought it was over the odds re price at the time and the management fee was too.
I think repaint / carpet every three years and the end of the term she took the option of cash and did it herself.
I would not touch them though as you can do better finding your own and have the flexibility as posted by others. Also, I would be most surprised if the same doubling of property to be repeated in the next 8 years in Sydney. So in a low growth environment I would not give them the 'fat 'that they leave for themselves in the transaction.
I would give em a miss but good luck in what you do
