Fixer Upper House Hack

[Giselle Andrade]

Hello, BP community!

I am a relatively new member looking for my first-time investment. My ideal start in real estate would be a small multifamily that I can house hack and use as a start for a future portfolio. I am still getting acquainted as to what constitutes a good deal so I had a question regarding a property I found that seems like a good opportunity. It’s a fixer upper house in El Paso, Texas that was (accurately) described to me as a Frankenstein house in that the rooms as not set up as in a normal house, but it has lots of potential for improvement. It is estimated at $195,000 and $1,200 monthly payments. The property just needs some love but is in good enough shape, I believe. What I found great was that it also has 3 fully occupied units in the back that amount to about $1,400 in rent. I can share a link to the listing if anyone would like to see what I mean about its current state. I believe this could have some good potential as an investment property but I would love some feedback/advice if anyone has any.