I need help deciding if this is a good deal or not

3 Replies

Hi everyone!

I found this duplex in Charlotte (each unit costs between $230K and $245k) and I can buy them for 210k each. My idea is to do a house hacking where i live in one unit and rent the other. Each unit is 2bed 2bad and can be rented for $1500 each. My brother will live in one of the rooms so there will be 3 people in one of the units (my wife, brother, and myself).

Both units are very well renovated.

With an FHA loan and roughly 10% down payment, my monthly mortgage with property tax, HOA, and everything will be $2,200-$2500.

Is this better than renting? Is it too expensive for being my first property?

THANK YOU!

@Enzo Pazos so you are saying this will cost about $460k and only rent for $3000 a month. As an investment I wouldn’t touch it. Now as a way of reducing the cost of you own home ownership it might make sense. But I still wouldn’t touch it unless it is a super bargain in an expensive area.

@Ned Carey thank you for the quick response.

It would cost $420k (maybe less). And yes, it would rent for 3k a month. The idea is to move out after a year and rent the whole thing.

I believe emotions play a big role here. These units look amazing. But I can see the numbers not making much sense.

Thank you again

Hello Enzo, 

I seem to be in a simlar position as you, I want to find a duplex to move into for a year and then move out and rent both. I am looking to learn more about the numbers and figuring out how, where, and at what a good deal is. 

On a side note, I have some mutual friends that swam with you at Queens; Marko and Ben....

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