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Updated almost 4 years ago on . Most recent reply
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Househacking a Duplex Rent by the room in Chicago
Hello BP fam! My name is Kim and I'm all new on the subject if REI., I've been reading books, listening to podcast and doing my research and came across to the idea of renting by the room. Here in Northwest Suburbs of Chicago, Duplex in the area doesn't really even come close to the 1% rule so I was thinking that maybe if I rent it by the room I can generate more rent that could cover the mortgage or just cut back my portion of the mortgage. My questions is, is there anyone who does this strategy?
I'm looking at a property and the asking price is $440k and its a SFH turned to a duplex, the area is zoned for multi family and neighboring houses are majority of duplexes too. I'll live at the bottom unit and rent out the 4 bedroom 1 bath unit upstairs. My mortgage will be around 3k/month and I'm planning to do FHA 3.5% down. This property has been in the market for more than 200 days and according to my agent the only problem with the property is that the windows are old and needs to be replaced which would be 10-15k and the plumbing are not separated for both units. Plumbing issue I think is not a problem if I just factor in utilities to the rent.
I’m really nervous as a first time home buyer and would really like to get some feedback if this plan has any potential or is there something else I should be considering or need to factor in. I’ll appreciate all comments and feedback! Thank you!
Kim