Duplex, Tri-plex, Quads

[Ivette Bravo]

How are you finding properties in your area? 

Hi all, I am an agent and investor in Dallas, looking for my first house hack (who isn't right? haha). I see people buying left and right - however when I "work out the numbers" considering income (rents) minus - mortgage, taxes, insurance, vacancy (5%), maintenance (5%), cap x (5%), and sometimes PMI the properties just do not cash flow and sometimes lose money every month.

I am not being over-conservative, I am not even considering management fees in my analysis, but I see so MANY people buying. Are they just taking the hit and losing money to just get in the real estate space? Do you think most people don't analyze correctly? What are your thoughts? 

Thank you, everyone!