I am in the middle of deciding whether I should invest in a property that has come up - as a rental. I've never had a rental before and am spending a bit of time deciding everything.

My question is to the renters (I've also never rented, just gone from living at home to buying my own) - about what would be considered reasonable rent.

What I am looking at is a small old church, which I will completely do up - new bathroom, kitchen, double bedroom, and open plan living/dining. I will do new windows, polished floors, etc and plan to furnish it with furniture for bedroom, lounge, dining as well as fridge, washing machine and microwave. It is in a georgous quiet rural location with fantastic views.

It is 10 minutes outside of town and town is 50mins from major city. We have a lot of industry in the area including a power station which is only 5 minutes from the church.

In town, people pay $200 plus - a girl I work with pays $200 for a 2 bedroom old house in town with a dining setting and some crockery in the kitchen.

How much would you pay??? Maybe a hard question, but what do you think would be fair?