[Calc Review] Help me analyze this deal

[Alexia McIntyre]

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Hello!

This is going to be my first deal. We are planning on renovating the basement into two 1br or studio units. We'll live upstairs and pay ourselves "rent". If we late move out we can then rent upstairs. Unfortunately got caught up in the rising interest rates so we've chosen to go with a 7/6 ARM to get the 6.375% interest rate. I've run the calculator with the interest rate at the current rate but I think it will still break even if we get stuck in the ARM and can't refinance out. I don't plan on pulling the full 70% out when we refinance because we're living in it. Just enough to do the next deal whenever we're ready for it.

Is there anything I'm missing or haven't accounted for?