Analyzing a Houston Deal

[Jerel Davis]

I'm trying to make an offer on a 5bd 3 bath 2100 SFH in an area with a low tax rate and high rental rates with a conventional loan. I'm not trying to make a bunch of money and I just want to gain equity to buy a second house within the next 3 years. It would be a house hack. I can't figure out what I can afford on a project though.

Things I know:

I'm approved for 200,000 at 4.125 no discount points

Listing price is 182,500

Closing costs estimate is 6,222

I have 30,000 saved for combination of down payment and repairs

The house needs some possibly minor repairs and plan on going low and taking on the repairs contingent on inspection and I'll go get quotes. (If it's too high to fit the budget I'll drop the contract)

ARV 180,000

I originally thought 167,000

I can't figure out how much to put down and be able to budget the repair with the rest of 30,000 without offsetting the cash flow into the negatives?

What would be my Max offer beyond just saying 180,000*0.7 so that I can make the repairs and not go into the red?

My brain hurts and my eyes are tired...