Analyzing a hybrid LTR and STR House Hack
Trying to analyze a quad that we are thinking of doing a House Hack on... This would be our first investment property and it's quite a large amount (for us anyways) so I'm a bit nervous about the #s. I know they can't be perfect, but I want to make sure I'm at least doing my best due diligence.
Could anyone please provide their opinion on this property? Would you buy?
Property $550,000
Tax $14,000 annual
FHA/PMI $400
Insurance $250
Repairs: looks to be minimal but no inspection yet
Estimated Mortgage $3,600
Estimated Closing costs: $6300
Estimated LTR Income (2 units): $2200
Estimated STR Income (1 unit): $2000
4th unit we will be living in, using FHA 3.5% down
RUBS Implemented
I'm getting that the cash flow is -$1,182.55 but we were paying about $1650 mortgage before. So that's $467.45 saved each month essentially.
If I do a simple "house hack" quick analysis this is what I get:
| Mortgage Payment | $3,800 |
| Rents (If all 3 were LTR) | $3,290 |
| Reserves ($300 + $329) | $ 629.00 |
| ($119.00) |
So it seems to be a go do it. Am I overthinking/over-analyzing? Or should I just pull the trigger?