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This is my first house-hack (and post on the BP forums) in the Greater Boston Area, located in the largest city in New Hampshire - Manchester. Located in the North End in a very family-friendly neighborhood and walking distance to Southern New Hampshire University, it has a pool of good tenants needing housing. As this is my first deal, I ran my numbers as it would be fully rented. I am currently paying $842/mo after PITI on the FHA mortgage - which is $2,042 including MIP.
When I heard Dion Mcneely on the podcast, I really felt my goals aligned with how he looks for small multi-family: side-by-side, yard space, and making a smart deal with the inherited tenants. I plan to put the $5000 from my repair costs to make necessary renovations to the other side. I'm really happy that I've gotten started, and even though it isn't going to get me rich, it is a step in the right direction. I plan to run a tighter analysis when I can save some more capital for the next one.
Realtor · Boston, MA · Member since 2018 · 24 posts · 13 votes
5y
It looks like it will cash flow for you (assuming all inputs are accurate) which is awesome and half the battle when finding investment properties. Congrats!
Rental Property Investor · Derry, NH · Member since 2020 · 9 posts · 7 votes
5y
Thanks @Patrick Flynn! I am currently living in the property but looking forward to reaping some true cash flow once I move, rent it out, and find the next one!
Property Manager · Manchester, NH · Member since 2018 · 12 posts · 12 votes
5y
Nice man, I'm also owner-occupy house hacking in Manchester currently. It rocks to be living rent-free. What percentage did you use for vacancy, capex, and repairs? Those numbers seem a bit low to me.
Rental Property Investor · Derry, NH · Member since 2020 · 9 posts · 7 votes
5y
@Ryan Weiss That's awesome that you're in Manch too! Since it's a duplex, I still pay $800 a month to cover the other half of the PITI & expenses - but I ran this report as a conservative analysis after I move out (and without raising rent)!
I used 5% for all three expenses (vacancy, capex) and did not elect property management fees as I am self managing.