I need help deciding if this is a good deal or not

[Enzo Pazos]

Hi everyone!

I found this duplex in Charlotte (each unit costs between $230K and $245k) and I can buy them for 210k each. My idea is to do a house hacking where i live in one unit and rent the other. Each unit is 2bed 2bad and can be rented for $1500 each. My brother will live in one of the rooms so there will be 3 people in one of the units (my wife, brother, and myself).

Both units are very well renovated.

With an FHA loan and roughly 10% down payment, my monthly mortgage with property tax, HOA, and everything will be $2,200-$2500.

Is this better than renting? Is it too expensive for being my first property?

THANK YOU!

[Ned Carey]

@Enzo Pazos so you are saying this will cost about $460k and only rent for $3000 a month. As an investment I wouldn’t touch it. Now as a way of reducing the cost of you own home ownership it might make sense. But I still wouldn’t touch it unless it is a super bargain in an expensive area.