Hey Ashton! Love the idea of househacking to get into investing. I'm still fairly new as well but I do know that a lot of investors try to go by the 1% Rule when evaluating properties. It's just a quick rule of thumb where you see if the total rent measures up to at least 1% of the purchase price.
So, for instance, on a 200k property, you should be looking for at least 2000$ rent/month, otherwise, it's not that great a deal. Obviously, some areas are going to be more difficult than others for this rule but you get the picture. Maybe you could look into some foreclosures or off-market properties where you can get better discounts.
Hope this helps!
I am just over a year into my house hack. I am from South Florida (Bradenton/Sarasota area) but unfortunately have to house hack in New Mexico due to work. It has been one of the best decisions that I have ever made.
I would stick with the 1% rule referenced above. Be sure to run your numbers as if you are not living there. This will help when you eventually move out and are no longer house hacking the property.
I just purchased a quad-plex in FL. Be sure to look into Insurance costs. My insurances numbers went up after Irma. This was a rough Hurricane year and as a result insurance premiums will be higher than average.
@Ashton Meetoo If you are purchasing a Duplex I would also look into Freddie's HomePossible program with only 5% Down. You will avoid the upfront mortgage insurance on the FHA loan and if your credit is strong you can also use a lender paid mortgage insurance option. FHA has more requirements in regards to net rental income versus conventional.
Hey Ashton, I'm also a fairly new investor trying to go down the same route as you. Like the people above me said the 1% rule is a good general guideline to follow. I am also a realtor in the palm beach county area, so feel free to message me if you have any questions.