First time buyer and curious if my math is correct?
The basics:
4-plex containing 4-units consisting of 2BR & 1BA each.
Cost: $265,000 / Estimated mortgage w/ me paying water & sewer is $1,350
1% rule: $2,650
Estimated Rent: $700/mo (tenant pays lights & gas)
4-units x $700 = $2,800 (this is >= the 1% rule)
$2,800 (rent) - $1350 (mortgage) = $1450 cash flow
*If I house hack and live in the 4th apartment, then my cash flow is ($2100 - $1350 = $750)
Am I missing anything, or do the numbers make sense?