First time investor - need help with analysis on a house hack

[Jason Hines]

My wife and I are ready to invest in our first property. We have the cash saved, plan to house hack, and have be preapproved for a mortgage through my credit union. My realtor has been great about sending properties my way, but every time I put them through the Rental Calculator, always get horrible results. Maybe the properties are bad deals, but I'm willing to bet that I'm doing something wrong. I've attached a screenshot of the latest property I analyzed. If someone with experience has the time and desire to help, please put it through yourself and see if you get the same results. The MLS# is 639272 if you want to take a look at this listing. This direct link may work. If it shows two properties, it's the 6348 Memorial Road property.

I'm planning on putting 5% down, and renting out the garage detailed in the post. if you need more details, please let me know!

I will be actively responding to this thread throughout the day. Thanks in advance!

[Nick Peters]

Hi @Jason Hines

Could you please provide the full analysis output? It's hard to help with only limited data.

If you plan on living there while renting another unit, you need to include both benefits (i.e. living there and renting) in your analysis. Here I see that you only have $1.5k in rent (which is the other unit only I assume) for a $237k purchase which is low, especially given than you have high operating expenses ($2.0k which represents expenses of all units?), much higher than your rent, and which doesnt include P&I.

So you need to adjust the figures to reflect the actual situation you're mentioning (living + renting)