Updated almost 8 years ago on . Most recent reply
4 Plex Texas DFW Metroplex
Hi all looking for some feedback on a deal, would really appreciate any input for a first time house-hacker. Looking to self manage as well. Numbers as they've been given to me:
+ Asking Price: $296,000
+ Rental information 2br/1.5ba units: $770 - Gross Rental Income = $2,310/month (for 3 units- I'd occupy the 4th)
+ Financing info: conventional, 5% down, 30 years, 4.8% - $1,475/month
+ Property Tax: ~$485/month
+ Insurance: ~$66/month (can this be right? seems low)
+ Tenants pay utilities- metered units $0
+ CapEx- $350/month
Is this even close to a good deal? What am I missing as I calculate? Thanks for your help!!!
Most Popular Reply
@Scott Schober how do you plan on financing a MFH at 5%? Are you using a 3.5% FHA and just putting more down? If it's conventional it'll require 15% down as far as I know. The deal really depends on where the 4-plex is at. For a 2/1.5 to be renting out at 770/unit I'm assuming it's not in a B or better neighborhood? But you seem to plan to occupy it so maybe it is? Either way - I wouldn't run numbers excluding your unit (even if you plan to live in it) because the goal isn't to live in it forever. Run the numbers like you'd see it once you move out.