1st Investment, Mother-Daughter; How’d I do?

[Beaux Blackwood]

I’m 31, about to be a father of 2 and want to build long term wealth. I found this mother-daughter unit in a village (high taxes) and it needed significant work.

Asking price $220k, I negotiated down to $190k after a long list of problems were identified in the inspection. The agent told me that if it were fixed up, it would sell for $300k, but I think that’s a little high.

It’ll cost me $40k to rehab the entire property. But, since I will be living in the main unit, I’m going to be doing the majority of the rehab (it’s something I really enjoy and want to learn how to get proficient at).

The mother unit is 3/2 and the daughter is 1/1. The daughter can rent for about 850-950/m. Side note, What are the laws on renting out a daughter unit?

After 2 years, we will be able to sell or move out and rent for long term cash flow or a large payout. I may even be able to cash out refinance or leverage a HELOC to buy more properties which is the goal.

Property is in the Hudson Vally, NY FYI. Thoughts?