House Hack / Rent by The Room A Large Single Single Family

[Brandon Rush]

Hello my friends,

I am looking in to potential options for house hacking my next property. Since multi-families are relatively expensive in my area (Danbury, CT) and hard to come by,I am thinking of renting by the room. A home not too far from my current residence is on the market and has 5 bedrooms and 4 bathrooms. Its currently priced at $410,000 but with the COVID issue going on, this may be in my favor since it is such an over sized home for the neighborhood and the price has come down numerous times on this house.

Some benefits I see in the property are:
Large home with 5 bedrooms and 4 baths
All 4 baths have showers
It is newly renovated
Has a two car garage
The wife is on board with this idea
Zoned heating
There is a university and hospital relatively close (10 mins) to the house

Some negatives I see are:
Its on a double line road which can get busy in the mornings and evenings
Parking would be tight if I rented 3 rooms with 1-2 spots each
Street parking is not available as the front of the driveway goes right onto a main road
Duplex conversion not possible due to SFR zoning

I am looking for advice from anyone out there who has house hacked and rented by the room. From what I explained here, what are your thoughts? What should I be looking out for? What else should I be considering?

Also, for those who have gone this route, what has been your exit strategy? If you kept the property after leaving, how did you manage all of your tenants? I would not plan to live hear any longer than necessary and move on asap to the next house hack.

Thanks for any advice and be safe everyone.