Duplex for house- hack in Norman, OK: too much supply here?

[Andrew Terrell]

Hey BP!

I have a good lead on an off-market duplex with a motivated seller. I plan on house-hacking this duplex, by moving into it from my current house-hacked duplex. This duplex is just shy of two miles directly east of the University of Oklahoma. I am hoping to get some feedback from BP concerning the housing supply near OU, and in general for Norman. I know there has been A LOT of apartment development on both the East and West side of I-35, both near, and far from OU. I have only heard this from one investor friend of mine, so it may be a one-off experience, but they said that they have seen increased vacancies, and lowered rent amounts in some units in, and around Norman.  This investor friend of mine only has single family properties, and I dont quite know the location of the properties he referenced in our discussion. Also, that discussion was about  one year ago, so I need to get an update from them to see if the is still the case.

Norman has never been a target market for me due to the increased commute to work that house-hacking would add, but this deal would allow me to walk into around 20K of equity based on recent comps, and increase my total cash-flow, from renting out my current house-hack. Plus, on it's own, this deal will still cash-flow just over $100 a door when I move out of it after the year that I am required to live there. That is after accounting for PITI, %5 of gross rents set aside for Vacancy, 10% for PM, and 10% for Maintenance.

I tend to get analysis paralysis. So, BP let me hear it! Am I over-thinking this, or is there an increase in supply that may cause too much risk to my plan (getting more cash-flow, while increasing equity in current properties, and obtaining Financial Independence ASAP)?