First Time Home Buyer Investment Scenario

[Kelvin Yuchen]

Hi everyone! Thanks for tuning in, I have a huge investment decision and I would love your advice for my first home. Currently, I found an off market opportunity to buy a home in Bellevue WA with no agent commission since I am an agent myself. It is in an area where new construction homes are selling for anywhere from 2.5 million+ on 9K+ lot sizes or around $600 a SQ ft. Currently I live at my moms basement and plan to put 20% down and move into it as a primary residence. Its a mother in law layout where downstairs tenants are paying $1700 a month (I've seen places rent for 2K+) at 900 SQ FT 2 bed 1 bath. Do you think it would be a good decision for me to buy and live as a primary while renting out the mother in law? Mortgage would be almost 4K and I only make 100K a year which would be almost all I make under the worst case scenario where I cant find anyone to rent out. Also my plan is for my GF to move in and pay around 1.1K and I'll pay the remainder around 1-1.4K with the option to rent out the remaining bedroom in the upstairs for another 1K.

PP: $1M

Mortgage: 4k

4 Beds 2.75 baths 1900 SQ FT 

Lot size 8.3K SQ FT

Tenants paying 1.7K currently downstairs. 

Thank you for your time.