Updated over 7 years ago on . Most recent reply
Getting started with a house hack in PDX metro area
I just started my search for my first house hack property in Portland, but I'm struggling to make the numbers work and wanted to get some input from other local investors. I've got ~25k for down payment and closing costs and I've already qualified for 3% down on a 350k purchase. I'm looking for a single-family home, 3-4 bed/2+ bath. I'm aiming for 300-325, as 350k with 5% down still has a monthly payment that will be too large even with 2 other roommates.
The areas that I can afford are the Brentwood-Darlington area, some places in St. Johns, or outside of 205. Locations aren't the best, but I'm thinking that I just need to get in there and get something. Is cash flow with low down payment just a unicorn around here? Do people mostly rely on appreciation and flipping to build up to bigger properties? What is the renters market like on places outside of 205?