House Hack Deal

[Boddupalli Sai Praneeth]

Hey everyone,

This is my first property ever and I am in Canada. Currently, I'm paying $1200 in rent. I'm considering a house hack deal in a large metro city. It is a brand-new townhouse which has 5-bed/3.5-bath and my plan is to live in the master bedroom (rest all rooms are considerably smaller and do not have attached washrooms) I want to rent out each private room to a single person while each full bathroom would be shared by two tenants. I am considering to rent the 4 bedrooms for an average of $600 each. The kitchen is in sharing and has a dining space for 6-8 people also enough cabinets for all.

Here are the numbers:

• Purchase Price: $340,000
• Interest Rate: 3.99%
• Down Payment: 5%

Expenses:

• Mortgage: $1,599
• Property Tax: $366
• condo fee: 200
• Insurance: $60
• Utilities (not paid by tenant): $150
• Maintenance & CapEx (5%): $114
• Vacancy (5%): $114
• Total expenses: 2603
• Total Income: $2400

       Cashflow: -$203 (I am no longer paying $1200 in rent, should I be happy that I am actually saving $1000)

when I move out I can charge $1000 for the master bedroom. Then my cashflow would be around $800. Is it a good deal?

Can any of you experts suggest?