Priestman Ave is a good street, located a short level stroll to the beach & the main Shopping area's of Umina Beach. Also it is located in the catchment area for Umina Primary School which is the best Primary School in the Peninsula. Umina is nothing like Mt Druitt !!. As an investment area Priestman Ave would make a good investment street as most homes in the street are owner occupied so you there are few rentals so you'll have no trouble finding a tenant.
Hahaha...the days of Umina being Mt Druitt by the sea are long gone! When we bought a house here in 2010, there were still a few mullets and housos around be. You still had to pay $5 deposit for a pool cue at the OB!
Now, it's a genteel suburb, mostly populated by young families. Clubs, cafes and restaurants are all on the up and up. The public school is highly recommended and houses in the catchment (south of Australia Ave), are highly sought after and command a premium price. Forget the "race track" streets, such as Carpenter St, Glenn St, Connex Rd, Lovell Rd, Shephard St and Haynes Ave, unless you're happy with commuters hurtling home from Sydney at 80 km/h past your door and flooding, where you may be housebound for days.
East of Ocean Beach Rd (particularly Trafalgar), you will find the lowest priced houses, as well as the associated issues such as abusive neighbours, with various "issues".
For quality of life and peace, look at houses in the area South of Ocean Beach Rd. These streets have no flooding and the further you get from the shops and/or beach, the cheaper it gets. Priestman and McEvoy are great, with the oval situated at the dead end. Nowack is a wonderful street, with a community of young families. Osborne has (rare!) footpaths, kerb and guttering, as does Brisbane Ave, but it has the bus route and is a little busy. Perth/ Rabaul is the thoroughfare to Pearl Beach and Patients, plus buses, so is noisy. Melbourne, Adelaide and (the quiet end of Hobart) are sublime, but pricey! Fitzroy is good, as is GreenHaven (but more traffic).
South Umina is great, but too far to walk to the shops.
Anything near the beach is 5 star, but very pricey, with lots of townhouses.
Umina has a reputation for drugs etc and the area being Central Coast's Mt Druitt. Let me just say that only people who have not lived here (or Mt Druitt) call it that. I am from the Coast, moved to Sydney and have now moved with my family to Umina. There are problems all over the Coast, as there is problems all over Sydney and to think otherwise is naive. The majority of people in Umina seem to be elderly people, and when crime does occur here, it is usually perpetrated by people who do not live here, but are from Sydney or other parts of the Coast. It is very rare to find a crime done in Umina is by a local resident. My advice is to subscribe to Brisbane Water LAC on Facebook as they will give updates on anything that takes place in and around here. The good thing about an investment property here is that prices have steadily been on the rise, we have noticed a huge increase in prices in the past 12 months. However, keep in mind, the rental may not be as high as other places, so you would need to weigh all of that up. I personally like living here as the pace, facilities, people are all great. The people I chat to (but may not know) when I am in the cafes or shops are all very nice. Good luck with your decision.