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Updated over 4 years ago,
House hack and rental numbers
I'm looking for some feedback on my calculations, and for some insight from those that are working in the Seattle (or like) market right now.
We have a luxury town home we are currently living in that we would like to convert to a rental, and are under contract for a SFH with a lovely studio apartment that we plan to make a 1 bedroom upon move in. We currently pay $3400 plus $250 for HOA (which includes W/S/G for the town home) and our projected payment for the new house hack home is just over $3900.
We listed the town home for $3800, but are only getting a few bites. We think we need to reduce it. We aren't opposed to subsidizing the rent if the long term makes sense. We expect/hope we can rent the apartment in the new house for atleast $1200 and likely $1500.
Our current numbers have us up somewhere near $1,000 saved a month, plus equity. My question is, how low is reasonable to still make this a good deal and get the town home rented ASAP?