First House Hack - New Build vs Cosmetic Fixer Upper

[Cody Barna]

Hi Everyone,

I'm currently in the market for my first house hack, a 2-4 unit in a desirable part of the city. I would like to find a deal that I can purchase for slightly below market value that needs moderate cosmetic work. I'll do my own repairs while living there to create initial equity in the property. Later allowing me to pull money out of the first deal to provide my down payment for the second property.

I've recently come across a newly built duplex that's in a decent part of town, rents in that area range from $1,500-1,800 per month. The list price of the property is $395,000 (top end of my budget) however considering it's new I'm assuming I could attract a high quality tenant for top end rent.

I would really appreciate everyones opinion on this topic considering you were in my shoes. Thanks!