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Great looking property listed at 159,500. Would be moving my family of 5 into the lower 4 bed 2 bath area, and renting out two upper apartments. A 2bd1ba and a 1bd1ba. Rents would average out to 800/unit upstairs. I figure that while we are living in it our cash flow would be around -$100/mo, if we’re able to get it around $145k. The bottom unit would rent between 1200-1400/month once we move out. Leaving us with close to 1000/mo cash flow after property management fees. Thoughts?
If you can get $1600/month from the 2 smaller units, that is already at 1%, which is great.
So, after a little more digging, I found out that all utilities except electric are included in the income apartments. So, cashflow while living there would be negative (including the monthly amount for repairs and vacancies). However, I still believe it to be a good deal because we are able to live there cheaply, and when we move out the cashflow will be great.