Cannot Decide which Property to House Hack. Please Help!

[Carl W.]

Hi all,

I really need help deciding between 2 potential properties. Both are in the same price range within my budget, same county, and both less than 3 miles from my workplace. I’m going to be house hacking and plan to live in the home long-term. I want to make a good business decision but I also want to love where I live. I didn’t think this would be so difficult.

Property #1

Huge at over 5,000+ sq ft, 2-Family, 2 block walk to the town shopping district, 10-minute walk to the park. The property is located on a packed street with other multifamily homes. Large garage. Mainly geared towards families and grad students.

Pros:

• In the town that I want to live in.
• Highly desirable location.
• High rents.

Cons:

• Wacky interior layout.
• Zero outdoor space.
• Needs rehabbing of multiple spaces.
• High taxes (Double the taxes of Property #2)!

Property #2

Slightly smaller at 3,000+ sq ft, 3-Family, a 5-minute drive to the city center with many amenities, 10-minute walk to the park. Corner lot property shares street with 3 other homes on a quieter block. Mainly geared towards students and professionals. 

Pros:

• All units are very nice with good bones.
• Nice manageable backyard.
• Minor rehab needed.
• High rents.
• Low taxes (Half the taxes of Property #1)!

Cons:

• Not in the town I want to live in.
• No garage and limited parking options.