House hacking a 2 family for my first investment/residence

[DJ Thompson]

Hey folks,

So the time has come to finally move forward with a home/investment purchase. I am currently looking to house hack a 2 family home in a town next to my job. Was wondering if this looks like a good deal on paper. I have already been pre-approved for a FHA loan. I would live in the one side and rent out the other, then eventually rent out both sides when I purchase a single family home to start my own family. I would not be using a property management company since I would be living on site. The town this is in is Wayne, NJ. A very wealthy great town with a great school system and no major crime. Last year the properties appreciated almost %9 here overall.

Asking price $349,000

My offer $330,000

Appraisal came back at $358,000

Monthly mortgage amount $2029.23  (includes property taxes currently set at $5987)

Yearly Insurance (est) $1100

30 year loan, 15k down (closing costs an estimated 8k more) @ 4.14% APR

One side Is rented out currently for $1700 and the other i could for maybe $1600-1800  ( its a little dated). 

Anything I am missing anything here or just does this seem too good to pass up?

DJ

[Nick G.]

Sounds like it could be a good house hack. How many bed & bath per unit? Does each unit have separate meters for utilities? Who is responsible for the water bill? That can be an overlooked cost if they are not metered properly.