Wanted to get some advice on a 4 unit I found in eastern New York. I would buy this as a house hack with an FHA loan and rent out the other 3 properties. Each unit is 2 bedrooms and 1 bath and based on what I've found it seems like I could rent each unit for around $950.
After running the numbers through my excel sheet it seems close, but I'm still new to analyzing and want to see if anyone can see anything I might be way off on that could swing this into a good deal or swing it to something not even worth pursuing.
Realize the excel might be hard to see. Here is an update.
My initial thought: you are going to have a really difficult time getting $950 in Selkirk. It's not an overly desirable area, and this property is on the main road between 9W and the thruway, so expect a lot of truck traffic.
@Jeff Senkiw Thanks for the tip! I'm not all that familiar with the area so that is helpful. I'll keep that in mind if I look further.
In Slingerlands, Delmar and Glenmont you could probably get close to $950 per month. Nicer areas, better school district. You could almost draw a line between the three towns. That's where I'd look to start a house-hack. South of those three towns can get questionable.
@Jeff Senkiw Excellent! Thanks for the helpful info!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.