Analyzing a Duplex For Househacking

[Nicolas Botia]

Hey everyone.

I want to buy muy first property and house hack it.

I found a duplex in a very good area for $220k. Each unit is a 2/1 and it has separate electric meters. I will be responsible for water.

Please let me know if this would be a good deal/investment.

Numbers:

Purchase price: $220k

Rehab: $15k (estimate for appliances and cosmetics)

FHA loan down payment: $7,700

Closing costs: $5,000 (estimate)

Mortgage/mo: $1,375 (PMI and taxes already included)

I will live in one unit and rent the other one for $950-$1,000.

Please let me know what you think and if it still be a good deal after I move out so it can keep cashflowing.

Thanks in advance!