1st house hack - Triplex

[Brandon Constantine]

Good morning all,

Single 30year old male who has a good job and has been renting for the last 4 years. I finally decided it would be wise to purchase a multi family home and house hack. Below is the current property what I am looking at. I would appreciate any insight.

Triplexes a hot area

Purchase price -$570k

Taxes - $7500

Insurance- $4200

30 year conventional equates to $3115 per month with 25% down

Two units are 2br/2ba

One unit is 1br/1ba

I am planning on living in one of the 2br units

The 1 br unit is currently occupied with a tenant that is far below market value at $900 per month

I currently pay $1445 in rent

Rentometer is telling me the median rent for a 2 br is around $1500 and a 1 br is around $1350.

The 2br units have been recently renovated. 1 br is older style however in good condition. 

Thoughts on househacking when the cost of a property is this high? Thanks in advance!

[Ed Matson]

A couple of thoughts .  The insurance looks high.  We are paying $2750 for a triplex in a CT city.  Also, I always like to know that I could sell such a property to another investor as one exit strategy.  With gross rents of $4350 and a purchase price of $570K, would an investor be interested?  I certainly wouldn't.