Duplex or Forclosure House

[Ben Franta]

Hey all,

So it has been about 4-5 months since I started searching for a multifamily property in Stark or Summit county Ohio that would make sense to house hack. All this time I haven't had any luck finding a 2-4 unit property that isn't already in the grips of several investors. I have very limited funds so I am not a cash buyer which makes it even tougher to get the ball rolling on any opportunity that comes up. It seems like my only options are to find home path properties. I have even been searching for single family fixer uppers as well with no such luck. Maybe the market just isn't there right now OR maybe I have the wrong strategy (searching MLS, craigslist, realtor.com, zillow - find something then contacting my agent)

*Our ultimate goal is to reduce our eliminate our current $850 mortgage payment*

Multi-family approach:

1. currently pre-approved for 130k
2. find something around 100k and fix up the essentials leveraging a 203k streamline loan
3. live in one unit and use the rental income to cover mortgage and expenses
4. most active duplexes are asking 150-165k with rent being in the $600's per side which would never make sense for us to do numbers wise

Single Family apporach:

1. same as multi but we want to end up with no more than 75k loan which would leave us with a comfortable mortgage payment (since this would not be an income producing property)
2. seeking forclosures/home path properties

Would you have another strategy?  

Thanks for any help!