First Deal - House Hack property

[Sarah Kartsher]

Going to be honest here - I am not sure this is a great deal... Maybe a good deal, maybe an acceptable deal but not a great deal as it stands.

If I decide to buy this - it will be my first investment property, my first house hack. Basically, I am going to be okay if I break even. The phoenix market seems to be scarce in quality duplexes at the moment.

Specs:

Duplex- built in 1945

Price - 235K

Down PMT - 8k

2bed 1 bath units

In a good neighborhood - value has gone from $160k to $230 in 4 years

Duplex - two free standing units

Needs a little TLC/updating

rents from past landlord - $650 and $750, but I hope to raise rents after units have been renovated. 

Guessing my debt service and expenses will come out to around $1,700 each month?

I appreciate any tips or thoughts on this as it could be my first deal!