Architect · Providence, RI · Member since 2018 · 137 posts · 55 votes
8y
My advice would be to treat it like any other rental property. But instead of paying rent your really just putting money in your own pocket. Also you'll want it to cash flow at least $100-200 even if you're not living there. Plan for the worst case scenario. What if your suddenly need to move across town for family or a job? Will the deal still be profitable in the long run without you living there?
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
With you living in it....breaking even can be pretty good. Depends on the market though. A property should always make money, but that can come in different forms. If it's break-even but that means you are living for "free", then that's a good deal, for example.
There are a lot of factors that you didn't share for anyone to really give an accurate yes or no. Location, goals, numbers, etc.