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Real Estate Deal Analysis & Advice

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Natasha Sykes
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Deal Analysis Help

Natasha Sykes
Pro Member
Posted Feb 24 2024, 11:45

Hi, I am in the position to buy a single family historic home with an ADU in the back that currently has a tenant in it paying $1600 a month including utilities.

The home has 3 beds and 1 bath  and needs some light work such as floors including leveling of one bedroom where the floor is dipping, a few windows, stair repair, painting  and landscaping as it sits on a 7000sqft lot. I would eventually like to add another bathroom and a closet.

I am a house hacker so this would be used for the first year to serve as my primary home as I collect rent from the ADU.

Listing price is 515K, 5% down it won't cashflow until I move out. Estimated mortgage $3321, it is in a downtown historical area close to everything with good appreciation potential .  Mortgage rate of 6.5%

Would you recommend I do this deal?

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