Good question because I think this is a really common point of confusion with house hacks.The best way to analyze it is to underwrite the entire property as a rental, not split the purchase price or fixed costs in half.

What are some common execution mistakes? 

The common thought from everyone is that the premium thing in the Smokies market is the view.

Managing tenant relationships is significantly more hands-on due to shared common areas like kitchens, living rooms, and bathrooms, which leads to more frequent conflicts, higher communication volume, and stricter enforcement needs around house rules and cleanliness.

Platforms like PropStream, PropertyRadar, and Reonomy are commonly used because they’re built around deed, tax, and ownership records, which generally makes owner names, mailing addresses, and phone numbers more reliable for property research.

.), kind of what Grant Cardone preaches.In expensive markets like mine, it is very common for folks to rent until their late 30's/early 40's.Although nationwide inventory is up about 13% and recent unemployment reports have fallen below the 4-week average, I don't think affordability will improve anytime soon. 

Common mistakes to watch out forare underestimating management, repair and vacancy costs or ignoring tenant laws that differ from your home state that can turn a good deal bad quick.

That alone puts you ahead of most people looking at small multifamily.Short answer: yes, your numbers can be realistic, but they tend to be market-specific and usually show up in secondary or tertiary markets, not major metros.In the Treasure Valley (specifically Canyon County), we still see 2–4 unit opportunities that come close to what you’re describing, especially when rents are slightly under market and there’s room to optimize.Here’s a real example in Nampa, Idaho that illustrates how this can pencil:Purchase Price: $525,000Down Payment: 5%Loan Type: FHA (numbers shown for transparency)Monthly CostsPrincipal & Interest: $2,831Taxes: $262Insurance: ~$100FHA MIP: $211Total Monthly Payment: $3,389IncomeCurrent rents: $3,050/monthMarket rents (conservative): $1,325 per unit × 3 = $3,975That puts the property at roughly a 1.17 DSCR at market rents.Operating AssumptionsLawn care: $100Electricity (common): $115W/S/T: $115Gas: $64Vacancy (5%): ~$199After expenses, this property is projected to cash flow ~$560/month, even before factoring in appreciation or future rent growth.

Great thing about vacation homes is that they only require 10% down and can be used as a STR.Multifamily ony require 15% down plus you get to use the current common rents as income at 75% of the monthly. 

Maintaining a system is much, much easier.COMMON RULES✵ The 1 percent rule is the one I most commonly use for a few reasons:       ☞ You can readily find properties that are cash-flowing positively