1st timer. looking to invest in a duplex, need advice
Hey everyone!
my names Mike and I am brand new to the Bigger Pockets forums. I've listened to plenty of podcasts & read a ton of blog posts and I've decided to start house hacking.
I am currently in the Navy and I will be based in Pensacola, Florida starting mid May. What I want is to find a cheap 3 bedroom duplex and buy it outright. From there I wanted to live in one half of the duplex while im renting out the second room on my side for $500 to one of my fellow Navy men that will be looking for housing once we arrive at the base. Ive looked at the comps in the area and for a 1 bedroom they go for around $700 so that's what I would rent out the other half of the duplex for.
My goal numbers would be as followed:
$40-$50k for a 3 bedroom duplex (possibly even less if we can find one in great condition)
$500 rent on my half of the duplex
$1200 Gross income
I have yet to figure out the property taxes, insurance and all the other expenses yet but this is the point we're at now. does this seem like a good plan? any advice? any comments, concerns or helpful advice would be incredibly appreciated. thanks!