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Updated over 7 years ago on . Most recent reply

User Stats

18
Posts
5
Votes
Quamal Burton
  • Real Estate Professional
  • Chicago, IL
5
Votes |
18
Posts

House Hack Question: What Would You Do

Quamal Burton
  • Real Estate Professional
  • Chicago, IL
Posted

There is a 4 unit building listed for 365k in an area where the comps suggest (which there are no real comps to compare to this property) that its worth around 315k-325k. The units are 2 bdrm and only 860sqft. The building has been completely gut rehabbed. My mortgage payment at 365k will be around 2450. I can rent each unit out for 950 producing gross rents of 2850 leaving me with an excess of $350/month. Each unit pays their own utilities. I'm currently looking for a house hack opportunity as such, but I'm not sure if overpaying for a property just to accomplish the house hacking situation where I could live mortgage free is worth it. One factor  that is causing me to give this deal so much consideration is the fact that inventory for 4 units are very low at the moment and I'm not sure when the next time I'll come across a situation like this. What do you guys think? 

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