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Updated about 4 years ago,
Deal or no deal? House hack
Deal facts:
1. Purchase price 925k on a triplex in Westchester County, NY
2. Rental income in other 2 units is $4360. I can probably bump it to even $4500 between both.
3. Basement can be converted into a 4th unit. Right now being used as storage and generating $825 per month along with 2 garage spaces.
4. 3rd garage space is generating $165 a month
5. Total rental income that is being inherited is $5350.
6. My intention is to convert washer and dryers to coin operated. Figure another $100 a month of income.
7. PITI is going to be roughly $5100. When the taxes get adjusted, roughly $5600.
8. Financing through a VA loan.
9. Other 2 units are turnkey. Unit im living in can use about 30k to match other 2 units.
10. The basement can be converted to a 4th unit. Would generate at least $1200 a month. When I move out in 2 years (always stay 2 for extra tax benefits) the unit i lived in will probably generate an additional $2300.
11. 3 units will eventually generate $7100. Basement $1200, and garages $500. Totaling $8800. With the PITI at $5600, and variable expenses roughly at $2200, looking at a future cashflow of $1000.
Any issues in my analysis? Comments? Should I go for it? Would be my 1st deal.