is it on tower road, which is off operations road.
Yes.
If you are young and free, you'd be wanting to rent closer to the city, but probably airport side. Kengsington, Moonee Ponds, Brunswick and Ascott Vale would be good starts to look at. Easy access to the City, cheap cabs and good access to public transport for sporting/drinking/social opportunities.
If you are more family orientated options would include Sunbury, Greenvale, Niddrie, Keilor, Essendon, Strathmore... But you are paying more for family type acc the closer you get to the city.
A car or access to a course mates with a car is essential; public transport is a joke to the airport; let alone the other side of the airport.