Should I buy this as my first rental?

Question

I'm trying to figure out if this a good deal for my first investment property. I'm trying to house hack so I will be using an FHA loan as well. Also this property is listed as a FNME HomePath property. What does that mean to the property as a whole?

Check the link below and let me know if this is a bad or good deal. Thanks

https://www.biggerpockets.com/calculators/shared/481082/f32eb3c6-e258-44c1-85e9-762f9dda543d

Christopher Bunge · Answer

MarcusHow did you do with this rental? Did you pull the trigger?Chris

Christopher Bunge · Answer

I sell real estate in Columbia and I agree with Missy. Rent should be at least 695 on a side if they look good inside. Best of luck!

Missy H. · Answer

@Marcus FogleI think this sounds like a great investment for you, especially if you are house hacking and living rent free.  You should run the numbers using both units as a rental and see if it makes sense to you.  Also, increase the vacancies and repair percentages to 10%.  That may be a bit more realistic.  I took a quick look on Craigslist and all of the apartments that I saw in your zip code were above the $600 mark.  You may be able to get more that the $600 you are indicating.  Of course, I know nothing about South Carolina.

Hopefully, there is not anything that I overlooked.  Good luck.