Cashflow property???? Also thoughts about ipswich

Hi,

I am a first time property investor and looking for some help from fellow somersofters. A property has been suggested to me by National Hotspots company in Redbank Plains , QLD. The property is for 380,000$ and rental is around 350/week. Could you plz comment on :
1) How is the area for investment in terms of 5+ years for property growth and cashflow positive.

2) Most importantly, I am not aware of the cashflow property concept. As per the guy from National Hotspot, the property is a cashflow positive after taking into account all the deductions including depreciations, rental costs etc etc.
While I was talking to a friend and he suggested that after deducting water, council, insurance, agent fees and bank interest, if property is giving you anything, then ony it is positive cashflow. Tax Deductions and all should not be considered to call a propert positive cash flow. They are anyhow going to be deducted as the buildings will be depriciated.

Can someone please clarify this doubt and let me know who is correct, my friend or hotspot agent.

Thanks

Cashflow property???? Also thoughts about ipswich