Buy and hold in a D class neighborhood?

[Bill Thomas]

Hello BP Family,

I have a potential house-hack deal cooking. I'm thinking of buying a multifamily property in Mt. Vernon, NY. in a "sketchy" neighborhood. This is a legal 2 family house (that will be newly renovated inside and outside) with a basement that could generate income as well. It has a two-car garage that's connected to the 3 bedroom unit that I will potentially live in.

The property is on the expensive side (450K). I don't believe that the property will increase much in equity but the two bedroom and basement combined can potentially pay the entire mortgage while I'm living in the 3 bedroom and will cashflow when I move out.

Should I do it or not? 

Your BP friend,

Billy T.