California Real Estate Q&A Discussion Forum
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago on . Most recent reply

Is this a good deal in LA (near USC)
Hello!
I just wanted to ask if this is a good deal, based on my plan to house hack.
This property is a duplex near USC (5 mins by car and 20 mins by walk)
It is listed for $744,900. (2,939 Sq. Ft/Lot size: 4,799 Sq. Ft./Built: 1912)
It's been on the market for around 100 days.
Unit #1 has 5 Bedroom 3 baths
Unit #2 has 2 Bedroom 2 baths
I was planning to rent out unit #1 to college students attending USC (rent it out per room) and in the meantime live in unit #2 with my family.
Since this will be my first home, I was planning to use FHA loan of 3.5% down payment ($26,072),
Expected payment per month will be $4,818 according to Redfin (principal and interest $3,444/Home owner's insurance $137/Property taxes $788/Mortgage Insurance $449).
I am not sure if these numbers are correct or trustworthy (can someone verify??)
If I rent out 5 rooms for $1,000/person or $700/person (if they want to share the room), I think it will be enough to cover all the payments and basically live for free.
first of all, I want to know if the numbers are right based on the market.
secondly, I want to know if this is a good deal for house hacking based on my plan.
Thank you so much ahead of time for your replies!