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Updated about 7 years ago,
Current Proposition on New Build Duplex
3 years ago I bought my first home. A single family 4 bed 3 bath 1800sqft with a decent size lot. Currently I rent one room out to my sister who is attending the local university. Just landed a solid full time job this past summer and have been building up my savings, and am now looking to maybe invest a bit and do a little house hacking. Recently there has been a new build area just a couple miles away from work with a small section of duplexes. I am looking for opinions on my idea. I would like to purchase the duplex which is 3 bed 2 bath 1100 sqft with a two car attached garage on each side and live on one side as it is just myself and dog while I rent out the other side. The asking price right now is at 235,000. I would be looking to put 3.5% down. Now Im not sure if I should rent out my current single family home and then move into the duplex or if I should sell the home as the home value has risen a solid 20k from when I bought it 3 years ago. I already have a tenant for the other side of the duplex. It looks to add up to be around 1700 a month for the mortgage on the unit and would plan on rent the side out for 1000 a month. I am currently paying 1056 a month for my current dwelling and local area similar rentals are going for 1250 a month. Just here looking for insight and other perspectives on my plan. Thanks in advance