Multi-Unit Deal
I would like to get feedback on the following house hack deal. My business partner will live in one unit while we rent out the other three for the first two years. The home was built in 1945 so it is older but the seller just did quite a bit of work. 3 of the 4 units were just rehabed along with the exterior. We will need to renovate one unit that is already in decent shape.
Purchase Price: $192,000
Down Deposit: 3.5% (FHA Loan)
# of Units: 4 (each one is a 2 bed 1 bath)
Monthly Rent: $700 each unit. ($2800 total a month) + what we get from laundry room
Monthly Taxes: $416
Monthly Landlord Insurance: $204
Monthly 9% Vacancy: $252
Monthly 10% Maintenance: $280
Monthly PMI: $129
Monthly Utilities (Water): $120 - Everything else is metered
Total Cash Flow at the end of the month: $564