Thank you for taking time out to review and yes my wife and I would be house hacking, below are my responses hopefully it provides clarity:
* PMI will probably be 2X that. Confirm with your lender. - Confirmed w/ Lender on the amount
* You're forgetting repairs. Figure 15% combined with CapEx.- Got it
* Insurance looks a little low. Have you received a quote from a local insurance agent? It was from Lemonade, but im waiting to hear from from an All State Agent
* Budget for management (10%), even if you plan to self-manage in the beginning - I will be self managing but will run to be conservative
* How much shopping have you done for the loan? I bet you can find something without points. - So this is kind of tricky, due to religious beliefs i'm limited to Islamic financing which this lender is the most competitive thus far
* What about water/sewer, lawn care/snow removal, any other house utilities? How do you usually handle snow removal? No Lawn and Tenant will pay house utilities
One thing to mention, the property tax is actually half of what i had within my report (confirmed with tax assessor)
In addition, i'm not including rent from the fully furnished basement (1.1-1.3k) in my area - would you recommend i include?
@Moustafa Ahmed, the previous listing had this at $529k, but you have $570k in your analysis. Why the discrepancy? Also looks like it's off the market.
Good news about the taxes, that should get you to at least break even.
Why do you think the tenant will pay house utilities (e.g. common hallway lights)? Those are almost always the owner's responsibilities. Water/sewer at very least. You may be able to sub-meter or do RUBS, but be aware that may put you at a competitive disadvantage.
Some management companies handle snow removal, in other cases it's a separate expense. Since you're self-managing to start, I guess get a good shovel.
Is the basement a legal unit? If not, don't include and don't try to rent it out. If the town finds out you could be in a world of hurt.
I wouldn't buy this as a pure investment property, but as a way to lower your living expenses, build equity, and get some experience as a land lord, it may be worth doing.