Property West of Rochester, NY
Hello Everyone!
I have been looking for my first house with an end goal to house hack (because of the lower down-payment) and have positive projected cash flow. I came across the following 4/3 & 1/1 duplex in North Chili :
https://www.redfin.com/NY/North-Chili/16-College-D...
It looks very nice but I am concerned that 190K is too high. I am not sure if there is much interest but, from what I have seen on other houses, I'm not sure that it will sell for less than asking.
Given a 190K sales price, I project that the monthly PITI will be about 1600. So I am thinking that I would need roughly 2000 in rents to cash flow The 1/1 apartment is rented for ~$550 so that would leave 1450. Which, if I got $500 each of the other bedrooms, could work.
Based on your experience, what do you think? Could I get it for less than asking in the current market? Would 2000 in rents be enough? How is the rental market is out in North Chili? Are there tenants looking for rooms as opposed to full houses/apartments? Could I get 500 each for the other bedrooms?
Thank you very much in advance for your input, I really appreciate it!