You were lucky Aussie boy...
We bought a flat in London in 1989 for £72,000 and as you all know it then went down, the value of our flat went down to £46,000..
We were extremely lucky to get a second mortgage and decided to rent out the flat in London until the day it went back up to the price we bought it for, that took 10 years..
The first couple we had in (who had never lived together before) lasted 2 months, the next couple (who had never lived together before) lasted 3 months..!!
At this stage we decided to get either singles, or couples who had lived together before.. The average for people to stay was a year and it always took a good month of seeing new tenants, vetting them etc before somebody new moved in..
Back then the rent was £550 per month so we had a good surplus but believe me we never made much money, flat needed complete repainting every 2 years, one tenant soaked the bathroom floor and the floor caved in (discovered after she went back to Italy and had her deposit back) had the bailiffs after me (having to park my car somewhere far away from my house) as another tenant did not pay the council tax.....We had phone calls anytime, how do you use the oven, how do you use the heating, why does the hoover not work (try emptying the bag..!!) etc
It was stressful even with a decent return and for anybody to enter the btl market at todays yields is just outright crazy...