Need help analyzing this deal!
I am trying to implement the house hacking strategy here so there is this condominium.
Asking price $115,000
3 BR 2 Bath
1008 sq ft
Here are my expenses that I've accounted for when analyzing it with an FHA loan 3.0% interest fixed 30 yr, 3.5% down financing.
Vacancy 5% $82.50, Cap Ex 5% $82.50 (HOA would cover most exterior repairs), HOA $312, Property Taxes $31.42, Repair allowance $165, electricity $75, P&I $467.88, Heat $45,
Everything else is covered by HOAs like insurance, sewer/water,etc.
So total monthly expenses came out to be $1261.29.
I think for Aurora CO area, it's a bit cheaper rent in the area, but I think I'd be able to get at least $500 in rent per room. So if that is the case then my cash flow would be roughly $300.
What do you guys think? Is there anything I'm missing? Or what do you think I'd be able to charge for condominium rent? I generally see at least $500 for rent in aurora area. Is this a good enough deal for house hacking?