Should I buy my childhood home?
The deal is I am buying my parents house with mother in law suite to live in and rent out the 1300 sq ft mother in law suite. It is a big purchase to me so just want input. It is in an A class neighborhood (18966) with great schools. I am trying my best to get the loan. Both houses are in great shape. Is this a no brainer deal? My only dilemma is with Covid my company was shut down for 6 months so my income dropped, but previous 2 years I had a solid 100k+ income.
appraised value: 500k
Pp: 420k ($600 mo in property taxes)
mother in law suite rent: $2200/mo ( if I rented both sides out, would easily get $4500/mo)