Is this a good offer?

If you are planning on living in it for that long then I would suggest you can probably make money out of it especially if you've done your homework and compared units around the area renovated and unrenovated. You should consider living in it (I've done this many times - its hard but worth considering) and doing it up while you are there. You won't be able to get any tax deductions for any depreciation report you get done while its your PPOR but once you move into your new apartment, you can start claiming and rent it out at a good price.