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Updated over 2 years ago, 07/22/2022
21 years old, 1st property. looking to house hack..
Wanting to house hack in DULUTH, MN. I have the numbers for expenses and what I can get for rent, the house doesn't need much at all. Am I being too conservative in the budget for expenses and what might some of you might recommend.
My brother says a 100 bucks a door. 150 - 200$ ideally Per monthly cash flow but I'm breaking about even, not acounting for tax deductions. Some advice would be greatly appreciated, thank you.
rent is being charged about 900-950/month per unit and there's 2 for the area averaging.
Cap-ex 10% 180$
Vacancy 5% 90$
Property management 100$
Maintenance 5% 1$ per sqft/month 122$
Utilities-- 200-250 month
Taxes - 2,100/yr - 175$/ month
Insurance 1100$/yr - 91$/month
2 laundry machines in basement
30 yr mortgage 794$/month 180,000 purchase price. 3.3% interst rate.