House Hacking an Investment Property in Baltimore

[Miranda Mayuiers]

Hello, I have a unique situation. I work for Hopkins and during the pandemic we relocated about 130 miles away. Now that people are going back to the office, I am coming to the city for three days a week. Two hotel nights and parking is costing me $1,175/month. I've been doing this for six weeks and I can't help but feel like I am throwing money away.

I am considering investing in a property in Baltimore and living there part time, renting out the rest of the rooms. This would be considered an investment property as I own my house in my new state. So this would require a chunk of change (20% at least) down plus I would still be an occupant so I couldn't rent out my room.

I am looking at 2+ bedrooms 2+bathrooms in grade A areas like Canton, Fells Point, etc. I am also considering select areas near Hopkins Hospital.

How would you measure success or if this is a good investment given the above? I will be paying over 1K regardless if I continue in hotels, but I also recognize me living there PT cuts down the cash flow. But I would rather own something vs. throw money at a hotel.