To build or buy established? Great area or go out?

Hi
I am looking to buy IP to invest 50k and to reduce my tax, am moving into a higher tax bracket.

Was planning to build on a small lot in small development in great established suburb near Fremantle, WA. yield of 4.8% Once we get a tenant in we will have to outlay $200 p/w.  It seems like a good price for the area, I love the area and could live there in the future but am worried it may not be such a  savvy decision due to high outlays during the build (from to 430pw) and then the extra 200pw once tenanted.

Question 1:  Am I better off building in new estate for less money that is further from fremantle but growing fast? yield of 5.0%
Question 2: Am I better off buying a bigger block with an old house on it to rent out and possibly subdivide years down the track?
Question 3: To go with The Investors Club and let someone else work it all out?

Thanks.  I know you are supposed to invest with head and not heart, and they say to use OPM but when you have money sitting there that has to be invested somehow it seems to me to be an opportunity to move up into the next price bracket in an area I thought was too expensive.