Owner Occupied House Hack

[Nicholas Spohn]

Hi I'm Nick and I'm a house hacker. I have 5 rentals right now and I am looking to get my 6th as an owner occupied. I have an offer in on a house I really like and because of the 5% down, 4% rate loan think I can make it work even though it definitely will not be my highest returning property. I need someone else's unbiased opinion because I want to live in it I know my perspective is tainted. 

So here are the details:

 Its a 4 bedroom (3 and an office technically) 2 bath right on a busy road ( 3 lane one way). So its great for visibility but not so great for resale. No garage but 3 spots in the alley. Its within 1/2 mile of two small colleges and a block from 3 bars and needs almost no work to move in. It is listed at $99 k and has been on the market for 3 months. My other rentals have varied greatly in rent rate so I have trouble committing to a solid rent projection. Here is the rent from my other properties that are all pretty close by.

2 bed: $1000

3 bed: $875

3 bed: $1,100 (I got some desperate students at the last minute)

3 bed; I'm living in with 2 roomies paying $300 each)

3 bed: $900

None of these properties are as nice as the one I want to buy, but the rental market is weak now, there are a ton of properties close by that have been for rent for months. My current roommates are going to move with me. So negotiations have brought the seller to 92 k and I came up to 90 k. Neither is budging. Am I being to stingy here? For some reason I am just hung up that I think I will overpay at 92 but not at 90. So a $92 k property with owner financing that will maybe bring in $1200 in rent max. Would you do it?

[Nicholas Spohn]

I'm in the Quad Cities. Its a fairly steady market with a decent manufacturing base with John Deere headquartered here. I live blocks from St. Ambrose University and Palmer College of Chiropractic. Nobody here moves in the winter which can partially explain the market. I'm just wondering if I'm persuading myself to pay too much because I want to live there for awhile.