investment property

I am looking at buying an investment property. It is a 1910 circa style house in fair condition with a log fire in the lounge and kitchen. Needs a coat of paint on inside. Block size 20m frontage x 39 deep. Looking at renting it out and building 2 to 3 townhouses in the future. Originally priced at $319,000. I made an offer of $285,000. They want $292,000 with 45-60 settlement. Anybody have tips or advice regarding purchasing, pricing and acquiring tenants. House is situated in traralgon gippsland within a 5 minute walk to cbd.