SFH or Duplex for First-Time Buyer

[Ramon Robert Rios]

Hello BP Friends! I am new to real estate investing and I wanted some feedback on the type of property I should buy for my first investment.

I am looking to purchase a property in either Norristown, PA or somewhere in Philadelphia, PA (However, it needs to be a safe area for us to house hack).

I was hoping to use a 203K Loan (trying to find a fixer-upper to get forced appreciation), but I am not sure if I should buy a duplex or SFH.

My finances are okay, between me and my fiance  we'll have 10K for down payment, however, I have a lot of student loan debt (120K). I am on an income based repayment plan with the hope of getting Public Service Loan Forgiveness, but the banks are going to do the 1% rule for my total debt. With this in mind our current debt to income ratio (minus our rent) is 33%. 

I want to be a landlord, but am not sure how risky it would be to buy a duplex in my area with our current circumstances. What would all of you do?

Buy, fix, and hold a SFH or duplex? We would live in either property for at least 3 years.

Looking forward to hearing your feedback and suggestions!   

[Troy Sheets]

I did 4-unit FHA and would recommend getting the most units you can. If you have a duplex and one unit goes vacant, you've got the entire mortgage to pay. If you have 4 units and one goes vacant, it's not as big a hit. Definitely do a MFH house hack and definitely maximize the unit count.