First time real estate investor in Windsor
Hey,
I'm a first time investor in real estate and my wife and I are planning to invest (with house hacking) in Windsor, Ontario, Canada. Our agent is very helpful and found us a great deal (duplex). I wanted to share the numbers and want to make sense if it's a good deal for us according to what we are looking for.
Price: $450k (agent said that we can get it down to $420k)
2 Units (1 bedroom in each unit)
Mortgage with 3 year fixed comes up to around $2.3k
Insurance and tax is roughly $400
Rent per unit is $1.4k so if we move out then total rent comes up to $2.8k
There's a detached ADU (garage) that can give us another $100-$150 if we rent it for storage and there's a scope of converting it into another unit later on.
So currently rough calculation says that it can cashflow up to $300 per month. But my question is that if we consider other operating costs like maintenance, capital expenditure, vacancy, etc then this property won't cash flow, so is this a good deal? Am I stretching this too much by adding these operating costs?
