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Updated about 4 years ago,
House hack above comps. Does it still make sense?
Hello bigger pockets family!
I come to you all today for advice, pros and cons of this situation that I might not see myself. I've been shopping for a house hack thinking of using the bedroom model originally because the multi family model in Las Vegas isn't too appealing. I found this property last month that featured a main home (3bed/2bath) that's move in ready, also has two move in ready studios ready to be rented. I originally offered a slight low ball hoping I could use the comps to defend it but they took another offer and I was instantly regretting it. Property is very unique, before and after running into this I couldn't find anything like it on the MLS. My main dilemma is I don't want to get in over my head because of the two studios income potential. So here's some quick numbers for your understanding.
Property listed at 265k
Comps sitting at 220-230s with no studios
My mortgage would be at about 1400
Studio rents could be 600 each x 2 = 1200
I would also plan on renting out two of the rooms in the main house while I live in the master bedroom. Room rents could potentially be around 350-450 per room.
The house is about 30-40k above comps but I have no idea what the appraiser will think about the added value of the studios.
It sounds like a great deal but there is factors besides the comp situation. For example, location. It’s near the freeway so I appreciate that to cut down commute time but it’s also in a C-D class neighborhood. That mainly worries me when it comes to resell.
Also the home was built in the 50s, that’s old to Vegas standard
Just looking to see the pros n cons before my first purchase, any perspective or advice would be appreciated!!