Thoughts on Changing Strategy from Duplex to SFR

[Robert McCormick]

So I'm not planning on throwing out my goal, but hear me out...

My original plan has been to buy a duplex within a year and house hack it to live in one unit and rent out the other unit. However, after looking for multifamily properties in surrounding areas on listing websites (such as Zillow) I have found that any duplex I find is either a) nowhere near where I work (+1 hour commute time) b) seems to need A LOT of renovation work or c) is out of my price range that I can afford. There are few that do meet my criteria, but they're typically found in rougher neighborhoods I would want to avoid. 

As a result, I have been considering if it may be a better idea to pursue a Single Family Residence in place of a duplex, and potentially house hack rooms out of that? [It is worth noting that I currently live in Morris County, NJ in the NYC Metro Area so prices are relatively steep and I am planning on qualifying for a mortgage alone. Also I've heard landlord laws in NJ aren't as friendly as other states, so I'm not sure how plausible house hacking a SFR is.]

I'm not throwing away my goal of buying a duplex just yet, but I am curious about exploring my options and potentially pivoting my goals if it makes sense. I would value any feedback anyone is willing to give.

What would you do?

-Rob

[Robert McCormick]

@Twana Rasoul I agree, every situation is different and it really depends on one's comfort level. Thanks for the feedback!