What do you think of this househack?

[Mariah Porter]

I'm looking to get my first deal under my belt. Found a 4 bed 2.5 bath that's been on the market for nearly 6 months. They're asking 340K and I'm thinking of offering 10% under asking (306K). The market is really tough in my area (many homes going under contract within days of being listed), so I'm not sure if they'll got for it. I figured I might as well try because I think I'd rather keep looking for something else instead of paying 340K for this property.

Here are my numbers:

5% down = 15,300

Rent 3 rooms for 500 each = 1500
Monthly payment including taxes and insurance = 1540
5% vacancy reserve = 75
Maintenance and CapEx reserve = 150
= -265/month

I'm thinking I can rent it for at least 1900 as a Single Family Rental after moving out which would give me some positive cashflow. My main source of anxiety is wondering if I will be able to find 3 quality to people to rent the extra rooms in the house. I've been having a hard time trying to figure out how to accurately assess the difficulty of this in my area. Ideally I would like to find a 3bed 2bath with proportional numbers, then I would only need to worry about finding 2 renters. But the 3 bed 2 bath houses all seem to be asking for 3-320k anyway.

I don't want to prematurely jump into a deal, but I also don't want to wait around for the perfect deal that never comes.

[Theresa Harris]

If most places are being sold in days, why is this one sitting there for 6 months?