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Is cashflow possible in a new duplex in greater Houston?
Howdy BP Fam!
I'm looking to owner occupy a duplex in Houston (would prefer a 4plex but I can't find any turn key properties in my price range). That said, I've decided that a "turn key" property would be my best bet. So my question is... do Yall think it's possible to get ANY cash flow with these current rates and home prices? When I do the math it just doesn't seem feasible... and cash flow is what I want. Does that mean right now isn't a good time to buy?
Also, I would prefer to put 3.5% down or at most 10%., but With so little down I believe I'll have to pay PMI which will also drive up the cost. Not sure if I should wait/hope I find something with a better cap rate "eventually" or if I should just buy and know that eventually my property will appreciate.... and if I'm able to refinance at a lower interest rate....then at that point I'll be able to make cash flow. Since it's gonna be owner occupied for hopefully as long as possible I'd prefer to live in a place I actually dig.