Would you Buy This?

[Jakob Mikhitarian]

3 family home in Exeter sold 2025 for low $700’s after listed for mid $700’s

(3) 1 bedroom units 

Approximately 2300sqft

well-maintained property

Price per unit is approx. 230k/unit and $300/sqft

At this pricepoint, it seems to fit the Exeter market

Hypothetical Scenario: If you purchased this property with an FHA 3.5% down loan, you’re down payment would be $24,500 with closing costs around $15,000(can leverage seller concessions to pay less). At a market interest rate of 6%(average rate today), along with property taxes, homeowners insurance, and private mortgage insurance(added when putting less than 20% down) your total monthly payment would be around $5800/mo. 

Now, what if you rented out the other 2 units today? Depending on the condition you make the other units, 1 bedrooms on the market in Exeter go anywhere between $1700-$2100. 

Assume you rent the other units for $1900 each. That brings your living expenses to $2000/mo, which essentially is the same amount you’d pay renting. 

Would you rather rent and avoid the headaches of being a landlord, or buy something like this to build appreciation put your money into a physical asset?

[Alex Morales]

The math on this house hack makes sense on paper. At $2000/mo net living cost after the other units cover most of your PITI, you're essentially renting for the same price BUT building equity and locking in your housing costs long-term.

A few things to stress-test before pulling the trigger though:

Your $5800/mo payment estimate looks right, but make sure you're factoring in a realistic maintenance and cap-ex reserve. On a triplex with three 1BR units, I'd budget another $300-400/mo for repairs, turnover costs, and saving for big-ticket items like roof, HVAC, water heater down the road. That bumps your true break-even rent collection closer to $4200/mo.

Vacancy is real too. In Exeter you probably won't have long gaps, but assume 5-8% vacancy when running numbers. That's another $150-200/mo buffer you need.

The real question you're asking is whether the upside of appreciation plus forced savings (mortgage paydown) is worth the hassle of being a landlord. For most people starting out, house hacking a small multi is one of the best wealth-building moves you can make. You learn landlording with training wheels since you're on-site to handle issues quickly.

The risk with renting is you're paying someone else's mortgage and have nothing to show for it in 5 years. With the triplex, even if appreciation is flat, you're paying down principal and building equity while living essentially rent-free once you factor in the other units.

What's the condition of the major systems on this property? Roof, HVAC, plumbing? That's usually what makes or breaks the first few years of ownership.