House Hacking in Boston Metro (Along Commuter Rail)

[Tyler L.]

Hi all,

I'm graduating from Northeastern this coming summer and am looking to househack sometime in the fall. It would be a standard FHA loan, shooting for the $400k range for a purchase price.

I recognize that that $400k won't go that far around here, but I'm willing to go a ways out as long as I can take the commuter rail into Boston. I've been taking a special interest in Attleboro and Lowell. The problem is, 6 months ago I had a much easier time finding rent ready triple deckers in Attleboro than I can now, and Lowell generally pushes my budget. 

I know part of this is because it's the winter right now and few list in the winter, but I also know the market is extremely tight now. Does anyone have any advice on these two areas, particularly if they think supply will be stronger in the summer or if the market is just really that tight? Are there any other places I should be looking at as well? I do have my real estate license, but I've been at it less than a year, and have only done rentals, so I'm by no means an expert in sales in the area. I'm mostly just planning to allow the commission from this sale to pay back some of my downpayment so I can have a reserve. 

I mostly prefer a triple decker or fourplex, but is there any other property type others would recommend? I've been looking into renting by the room as well, but am unsure if I could qualify for a SFR with just the income from my post graduation salaried job. I also am not sure I could qualify for a duplex with just my income and the income of one other unit.

I've also looked into the 203k loan, but I already have student loans so am weery of taking on so much debt at once, plus I'm told many contractors don't want to deal with 203k loans to begin with. If possible, I'd rather spend the money to get a rent ready property, or one that I can do the moderate repairs myself.