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Updated over 5 years ago on . Most recent reply

User Stats

6
Posts
2
Votes
Min Sik kang
  • Los Angeles, CA
2
Votes |
6
Posts

Is this a good deal in LA (near USC)

Min Sik kang
  • Los Angeles, CA
Posted

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!   

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