Should I buy this home or not?

[Jacob Delano]

So the home is 815 E Rowley Drive, Millcreek It, 84107.

https://www.redfin.com/UT/Millcreek/815-Rowley-Dr-84107/home/91668698

I am under contract at 380 with 5 of closing costs paid by seller. The original home is the right half of a twin made in the 50's (1080 sq ft 3 bed 1 bath). The 2 story condo added onto the back is 25 years old (2 bed 1 master bath) with a massive kitchen for all 5 bedrooms to share. My plan is to rent rooms until I eventually resurrect the old kitchen and wall off the two units (which are on separate HVAC) and add a laundry room to the newer build so that both units have all the basics.

The red flag with this home is DOM of 80. I think as an investor which is my goal this makes a lot of sense once it is a mother-in-law. It had enough parking and even an extra land lot to do whatever I please with. Lots of my friends are telling me to buy a home I really want to live in instead. This isn't my first choice of area, but I think I could cash flow in SLC from the start renting rooms. A lot of management work I know, but it will pay off I believe.

I'm posting because I'd like another investors view of my situation. I can command at least $500 in rent per room with a mortgage under $2000. The high school and middle school are subpar, but I think the SLC demographic of working professionals would rent this property room by room and as a mother-in-law down the road when I convert it.

The home doesn't lend itself well to single family, but for a first time home buyer/investor I think it lends itself very well to a Multifamily rental.

Thanks in advance for comments and thoughts! Happy Halloween 🎃🎃!