Would I buy Telstra shares with $5,000 as they near a 52-week low?

Telstra Group Ltd (ASX: TLS) is one of those businesses I think can suit investors looking for steady long-term returns rather than excitement.

With the shares trading close to their 52-week low, I think the current price deserves a closer look.

If I had $5,000 to invest today, I would be comfortable putting it into Telstra shares.

The income case is still strong

Telstra shares are trading around $4.60.

According to CommSec, analysts expect fully franked dividends per share of 22 cents in FY27 and 22.5 cents in FY28.

That puts the forward dividend yield at roughly 4.8% in FY27, before taking franking credits into account.

For an investor looking for passive income, I think that is attractive.

More importantly, the dividend is expected to keep edging higher rather than simply remaining flat.

Telstra has made a sustainable and growing dividend an important part of its strategy, and I think its recurring cash flows give it a good base from which to support those payments.

Mobile and internet services are regular household expenses, so Telstra continues receiving revenue from millions of customers every month.

That makes the income case easier for me to understand and gives shareholders a reason to hold the stock through quieter periods.

The business has defensive qualities

I also like Telstra because demand for its core services does not disappear when economic conditions weaken.

People still need mobile phones, internet connections, and access to digital services.

Businesses also rely heavily on telecommunications infrastructure to operate.

Telstra still faces economic pressure, competition, and changing customer behaviour, although I think demand for its services is more resilient than for many discretionary products.

For someone investing $5,000 and looking to hold for years, that stability has real value.

I would be much more comfortable owning a business whose products remain part of everyday life than relying on a company that needs consumers to keep spending freely.

There is still room for modest growth

Telstra does not need strong earnings growth to produce a respectable long-term result.

CommSec forecasts earnings per share of 20.8 cents in FY27 and 21.6 cents in FY28.

That is not explosive growth, but it does point in the right direction.

I think the more interesting part is how Telstra can keep improving the business around its existing customer base.

Its mobile network remains central to the company, while investments in fibre, satellite connectivity, enterprise services, and other infrastructure can create additional opportunities over time.

If Telstra can grow earnings gradually while continuing to increase its dividend, I think shareholders could receive a combination of income and moderate capital growth.

For me, that is enough to make the shares interesting at the current price.

Foolish takeaway

Yes, I would invest $5,000 into Telstra shares at around $4.60.

I like the combination of fully franked income, resilient demand, and the potential for steady earnings growth over time.

For investors seeking income and a relatively defensive long-term holding, I think the current share price looks attractive.