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Updated over 5 years ago,
Looking for advice on a potential deal
Hi,
First time posting here. We live in a suburb called olde town Arvada just 10 minutes outside of downtown Denver. Our neighbor approached us about buying their house, we’d like to house-hack as our first purchase and this house would allow us to as there is an 800 square foot apartment downstairs with a kitchen and bedroom renting for $1300. The upstairs is 1200 sq feet, it’s semi updated but definitely needs some work. There’s a small yard and only 1 car garage. We did some research and thought at most it should list for about 430k or so. We got their price today and it came in super high at 500k. They were trying to find the buyer to save money on fees and then went above the highest price comp. Comps ranged from 360k-490k. I want to walk away solely based on principle but even at about 450k mortgage would be $2350 or so putting us at $1050 for mortgage which is great for Denver. After a year it so we could rent the top for about 2k so 3200 a month on a 2350 mortgage. I’m a complete newb at this, was hoping some of you could weigh in? Let me know what info I missed. Thanks!