How much money do you need to save up for a house hack???

[Alfred Costanzo]

Hi Everyone,

I am looking to buy a property in the St Pete/Tampa area. I have been looking at mostly 2-4 units I am a newbie and this would be my first real estate purchase.

Price range I am looking at is a $250,000-$350,000 property. I am looking to utilize a FHA loan put 3.5%-5% down. For a house in that price range will put me at at the 9,000-12,000 dollar range for a down payment. I figure another 7-10,000 for closing costs. I figure I will have to put some work into the given property I invest in, let's say $10,000 just to be conservative. I am going to need reserve money as well around $10,000 theres as well. So all in all:

Down Payment: $12,000

Closing: $10,000

Repairs: $10,000

Emergency Fund: $10,000

Total: $42,000

Does that sounds like a solid number I need to save up or am I being too conservative. Do I need to save more? I would like some input as I am currently saving up and having a number I need to reach would ensure that I accomplish my goal of buying a property by the end of this year.