Buying a multifamily for house hacking
Im 21 years old and currently paying $1400 in rent with my fiancé, I am trying to buy a 4 plex with FHA loan and live in 1 unit, I finally found one that would cash flow if all units were rented (after running the numbers, average 7% vacancy); leaving me to pay $350 per/M by accupying one unit, it needs some minor maintanence but is livable as is right now. The 4plex has 3 units currently rented going for $975 (new carpet & paint would go a long way) and they are asking 390,000 which is the cheapest I have found in my area that is livable and in a good area. Any advise on what I should be doing? we need about $19k to close on this property I only have 9k in savings plus an IRA that has 5K in it, my fiancé has money in his retirement. Should I offer closer to what they are asking & ask seller to pay most closing costs? or should I look at this at a completely different angle?