The deal just doesn’t have the income to comfortably support that much debt.Your report shows the cash flow after the refi dropping to around $939/mo, and that’s using pretty optimistic assumptions (5% repairs, 5% CapEx, low taxes, low insurance).

The seller sells you a fixer upper and projects what the cost will be once done and sells you that house based on that projection.

Without an STR permit, this results in lost income. 

I would like to get into house hacking another small multifamily as soon as possible.

Cash flow pays bills, and appreciation grows wealth.If your goal is long-term financial independence, then you need a rental income that increases faster than inflation and will last throughout your lifetime.

The key is having parent co-signers, clear house rules, and reliable maintenance contacts since turnover and wear could be higher.

@Michael Ochoa  you think you are broke now, buy a house. 

Meanwhile, consumer sentiment took a sharp hit, with the University of Michigan's October index falling to a record low of 51, signaling heightened risk aversion.

(Your wife thinks of this as low risk because you aren't borrowing.

Had a musician contact us that did this with 7 houses - all within 1/2 mile of each other.