We have elaborately studied the electronic structure of 555-777 divacancy (DV) defected armchair edged graphene nanoribbon (AGNR) and transport properties of AGNR based two-terminal device constructed with one defected electrode and one N doped electrode, by using density functional theory and non-equilibrium Greens function based approach. The introduction of 555-777 DV defect into AGNRs, results in a shifting of the {pi} and {pi}* bands towards the higher energy value which indicates a shifting of the Fermi level towards the lower energy. Formation of a potential barrier, very similar to that of conventional p-n junction, has been observed across the junction of defected and N doped AGNR. The prominent asymmetric feature of the current in the positive and negative bias indicates the diode like property of the device with high rectifying efficiency within wide range of bias voltages. The device also shows robust negative differential resistance (NDR) with very high peak-to-valley ratio. The analysis of the shifting of the energy states of the electrodes and the modification of the transmission function with applied bias provides an insight into the nonlinearity and asymmetry observed in the I-V characteristics. Variation of the transport properties on the width of the ribbon has also been discussed.