warnie and the pro

Warnie, I just have a look on real estate.com post code 4113.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104961613&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=16909524&s=qld&tm=1213233347

Could you advise if this is a good investment? Its abit of hold back for me because I have another property pending for settlement at mid 2009 bought last year. post code 4227.

I made a spreadsheet and it seems to have a 5.5% yield, with interest rate set on 12% on 80% loan of the 305k. I am confident it is possible to offer buyer a 280k to bet my luck.... lol

Please advise, thanks a lot for the help.