First Property Purchase (Long Term Advice)

[Oscar Zhang]

Hello BP Community! Newbie here looking for some advice and guidance for a first-time homeowner!

The WHY: I'm hoping for this to be the foundational starting point for myself to escape the rat race along this journey and ultimately gaining some experience to continue down this journey.

As the title states, I'm looking to invest in my first single-family property. I'm looking at single-family homes since this is what I can afford in my current market based on my pre-qualified amount (~$450k, but my personal preference is at a $325k max to have some additional cash on hand). I've been browsing the forums and reading articles to see where and how I can get started. I've been doing a few analyses but not completely sure as to where I should start and which tools I should pay more attention to and hoping that the BP community can provide a first-time homeowner some guidance. 

Hoping to pick up a property in the PA suburbs (Chester County, Delaware County, Montgomery County area). I plan on picking up a property I know that will need some sweat equity. I plan on making it my permanent residence for 2 years max (hopefully) and then turning around to leasing/renting it out. In the area where I am specifically looking (Chester County), I've been looking at the historical data for renter-occupied vs owner-occupied and the numbers have slowly risen - to me this is a good sign of an area I believe I should be looking for as I start this journey. The area has also been increasingly becoming populated with younger families/couples and more local restaurants and businesses are opening. Additionally, the area is easily accessible with public transportation and/or vehicle since there is a major interstate highway. Currently, it will be me on this deed and my gf will move in with me and help pay the mortgage. And hopefully, as we grow, we will purchase another property together in the coming years.

How should I know what my MPP should be for a home? How would I guestimate what the estimated repairs needed will be in the 2-year time span? As an individual looking to purchase what are the main factors/numbers, I should be looking for/at? For someone like myself, am I looking too deep into the numbers and getting analysis paralysis? 

I know there is not a right answer or a magic solution that will give me exactly what I need, but I am trying to learn more about this field and ultimately help my decision-making. Any articles or thoughts will be greatly appreciated! Looking forward to the responses!

Thanks in advance BP community!