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Updated almost 4 years ago,

User Stats

7
Posts
2
Votes
Noel Hailey
2
Votes |
7
Posts

Need help analyzing this deal as a house hack!

Noel Hailey
Posted

Could someone show an example of how they'd find out what the numbers would look like to make this a good deal? I know there are a lot of variables that'd come in to play, here. But I'm stuck on where to even begin. I'm new to real estate investing and want to practice analyzing deals for a couple weeks. Any help will be SO appreciated!

The Property: 516 18th ave, Nampa, Idaho. Duplex. 5bd3ba 2001 sqft. Detached single car garage and plenty of parking for both units. Don't have much info on conditions inside other than "newer paint, windows, etc." Listed at $325,000 (25k price increase last month) and has been listed for 79 days. 

Assuming this is a 3/2 and 2/1 split. 

3bed2bath's in Nampa rent for $1300-$1900 and 2bed1bath for $800-$1200 (based off what I can find on zillow/craigslist. if you have a better suggestion for finding median rent for an area please let me know)

I don't know what my financing would look like but I don't think I'll qualify for any normal type of bank loans. How do I even begin to try to run numbers on something like this? Do I need more personal information before I can get a realistic idea? Do I need to know what my monthly payments are going to look like in regards to the mortgage/loan? Or can I do a rough estimate of what I'd want to purchase the property for/what my monthly expenses would need to be in order for the property to produce positive cash flow? With me living in one of the units (but still renting the extra bedroom/s out. I'm young and single so there's nothing holding me back from renting by the room) How can I practice analyzing potential deals without knowing all the details yet? Or even what the inside of the property is like to estimate repair costs? I know there are ways to get this information. I can call the agent, I can contact local banks/lenders to find out what my finances looks like in terms of receiving a loan, I can hire an inspector or GC to estimate repairs cost, but I'm JUST starting out. I'm just wanting to practice running numbers so I know when things are a good deal or not. How can I practice this without all these little details/filler pieces? Or am I going about this wrong and should practice this differently with different deals? I'd like to apply what I've been learning and see/hear about but in MY market. I'm trying to learn/apply to my area!!! I hope this makes sense! Thank you for any help!!!!!!

-Noel

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