How to justify financially buying a Single Family Home?

[Elena C.]

Hi all,

My husband and I bought our first duplex a year ago. We currently rent one unit to tenant and live in the second one with a bunch of roommates. Rent is okay, it can cover a lot of our expenses. If we move out, we will potentially be able to cash flow positive.

Now, we want to move on to our second deal. This time around, we don't want to live with roommates anymore. Just want a nice house to start a family. What kind of criteria should I look for in a SFH to justify it financially? What kind of exit strategy should we think of? Since there won't be rent, it will mainly be a liability, draining money out of our pocket. Would love to hear your thoughts. We currently work in Boston.

TIA