1st Time Home Buyer / Rental Investment in Seattle, WA Advice

[Kelvin Yuchen]

Hi everyone! I am a 24 years old living back at home in my parents basement saving up money. Right now i have an available $60-70k cash to put down on an investment property. My parents would help cover another 10% so i don't get a PMI. However, i also know i can apply and only put down 3.5% per FHFA. I plan on moving out within a year to somewhere in Seattle where prices are around $600-700K for a single family / townhome while working in the Seattle area. My plan is to rent out spare bedrooms from the townhome/ single family creating a total of 2K of cash flow minimum so i would need to cover the remaining 1K per month. Given my situation, is it worth it for me to get into the Seattle market? Would you advise buying a home that is in need or repair / fix up or go for a townhome as a beginner home?

What advise would you give me on the tax side or things if i did go with a townhome? What would i be eligible in write offs?

[Basit Siddiqi]

@Kelvin Yuchen

Seattle is for sure an expensive market. Would you be able to get a discount on that $700,00 price tag if you brought a little bit out of the downtown area(30 min or 1 hour from downtown)?

If you can live in $1,000 in seattle, that would be considered great. I am sure most people may much more than that in rent.