Fixer, STR, or Multi???

[Aja Leafe-Hall]

Hi, I am a newbie and I want to invest in Barlett, NH (a great ski town which also happens to have an excellent school and low taxes). I live in Washington state for now and wish to invest some of my home equity. my parents are local to the Bartlett area and my dad is a contractor who is also willing to do property management. My first deal fell through and I’m back to the market looking for something else. My top 3 options are radically different and that frightens my spouse! So, maybe you can all help me sort my priorities: Option 1 is an adorable 3/1 1940 cape that buts up to conservation land. Sellers are asking 225K. The payment will be too high to lease, so I am thinking STR. It is in a great location and maybe will fit a niche for “antique home”, but the main reason I want this one is it would be perfect for my family if we decide to move there in a couple years. Option 2 is a 3 Unit Apartment farm house. Offered at 268K. The appeal is that 2 units can be leased to cover the payment and the third can be a STR that we can also use when we visit. I had almost wrote this one off because it is too expensive for us alone, but then I talked to another couple who may want to partner with us. So this could be a great deal that we get 1/2 of. Option 3 is a 3/2 New Englander (1800s) for 127K. It has been totally redone inside and covered with Vinyl siding and a metal roof, but still needs work on the exterior and possibly a new septic. Even with those costs, though, it will cash flow as a monthly lease, meets the 50% rule and, if we decide to move into it will afford us to live for $600/month, vs. $1200 to rent. Okay, so it seems like option 3 is the most affordable, but is that my best option? What do I need to consider?