First Time Homebuying & Househacking

[Emajee Greenfield]

I'm 28, single and no kids living with family and stacking cash so i don't have to but I'm leaning towards looking for my 1st househack to be able to live as cheaply as possible and still build equity. I recently offered 180k on a fully occupied duplex in Kinston, NC, that was originally going for 229k and has 331 DOM. Combined rent is $1700/month, the roof was replaced in 2017-2018-ish, and the HVAC systems are older built in 1981. Also found out it's on a septic tank and not sewer and need an inspection for that. I'm just trying to figure out why this has been sitting so long, so I don't fall into a money pit. Seller agreed, just hasn't signed yet. When I walked the property with my agent, we toured both sides, and it looked decent. I know this sounds wild, but my goal isn't to be a guru in this space I just want to pay off a property and have the rent pay the majority of bills eventually. I KNOW THIS IS NOT SMART, but I don't want 100 properties, maybe a handful if I decide RE is worth it to me. This property is close to home, and my job, and everything in my price range is 45 min away, and I don't really want that commute. Waiting to schedule inspection to find out the whole story, and if not to my liking or huge repairs, I'm walking. Let me know where I'm wrong and what should I be looking for.

[Luran James]

Quote from @Emajee Greenfield:

I'm 28, single and no kids living with family and stacking cash so i don't have to but I'm leaning towards looking for my 1st househack to be able to live as cheaply as possible and still build equity. I recently offered 180k on a fully occupied duplex in Kinston, NC, that was originally going for 229k and has 331 DOM. Combined rent is $1700/month, the roof was replaced in 2017-2018-ish, and the HVAC systems are older built in 1981. Also found out it's on a septic tank and not sewer and need an inspection for that. I'm just trying to figure out why this has been sitting so long, so I don't fall into a money pit. Seller agreed, just hasn't signed yet. When I walked the property with my agent, we toured both sides, and it looked decent. I know this sounds wild, but my goal isn't to be a guru in this space I just want to pay off a property and have the rent pay the majority of bills eventually. I KNOW THIS IS NOT SMART, but I don't want 100 properties, maybe a handful if I decide RE is worth it to me. This property is close to home, and my job, and everything in my price range is 45 min away, and I don't really want that commute. Waiting to schedule inspection to find out the whole story, and if not to my liking or huge repairs, I'm walking. Let me know where I'm wrong and what should I be looking for.

First things first you're not wrong on much here. And wanting a handful of properties that pay your bills rather than a hundred-door empire is not a flaw in your thinking. It's actually a cleaner, more sustainable goal than most people walk in with. Own that.

Now let's talk about this deal honestly.

The 331 days on market is the loudest signal in this whole picture. At $229k in Kinston, NC this should not have sat that long unless something is keeping buyers away. You negotiated it down to $180k which is meaningful, but the question isn't just "did I get a good price" it's "why has everyone else passed on this?"

Here's what I'd be digging into before you let that seller sign:

The Septic System This Is Your Biggest Unknown Right Now.
Septic inspection is non-negotiable on a property this age. Don't just get a basic inspection get a full septic evaluation including a pump-out so they can actually inspect the tank condition, check the drain field, and confirm it's properly sized for a duplex. A failed drain field can run $8,000 to $20,000+ to replace depending on soil conditions and local requirements. If the septic has never been serviced or there are no records, that 331 DOM might be telling you something.

The HVAC Budget For Replacement Now, Not Later.
1981 systems are effectively at end of life. Even if they're technically running, you should price in two full HVAC replacements when you're evaluating this deal roughly $5,000 to $8,000 per unit depending on size and system type. If the inspection confirms they're struggling, that's a number to bring back to the seller for a credit or price reduction. Don't let a seller tell you "they still work" that's not the standard for a buy.

The Roof 2017-2018 is Acceptable, But Verify.
Get the inspection to confirm the replacement and check for any soft spots, improper flashing around penetrations, or signs of poor installation. A replaced roof doesn't automatically mean a good roof if the work was done cheap.

On The Numbers At $180k:
At $1,700 combined rent with one side occupied by you as a house hack, your tenant is covering a significant portion of your housing cost. That's the whole point and it works in your favor here. The real question is what your net looks like after you factor in HVAC replacement reserves, septic maintenance, insurance, taxes, and vacancy. Run that out on paper before you close, not after.

Why Is It Still Sitting My Best Guess:
Fully occupied duplexes in smaller markets like Kinston can sit long for a few reasons. Investor buyers ran the numbers and didn't like the cap rate at $229k. Owner-occupant buyers don't want to manage tenants. And anyone who dug into the septic or HVAC situation probably got nervous and walked. You're buying at a steep enough discount that those concerns become manageable but only if the inspection confirms there's no structural issue, no drain field failure, and no foundation surprise hiding behind "looked decent."

What To Watch On The Inspection:
Septic pump-out and full evaluation
HVAC condition and estimated remaining life
Foundation and crawl space moisture if applicable
Electrical panel age and capacity
Any deferred maintenance the tenants have been living around

You're asking the right questions and you have a solid walk-away discipline already in place. That's more than most first-time buyers have.

Let the inspection tell the full story and negotiate hard on anything it surfaces. You've got leverage — use it.