Deal Analysis on Triplex in Tampa, FL

[Michael H.]

I found a property in a very good area of Tampa, FL. Asking price is 350k. I am trying to make this deal work for my "house hack" strategy and ultimately rent all three units out within a year. I am doing my analysis as if I was to rent out all three units.

The three units are fully rented out for $2,750 but believe I can increase this to $2,900.

Analysis based on annual numbers

Rent Revenue = $34,800

Principal + Interest = $18,792

PMI = $3,312

Taxes = $4,300

CapEx = $2,784

Vacancy = $2,784

Property management = $3,480

Water + Sewer = $2,400

Net Profit = -268

Based on my calculation, it may seem like a bad deal. I wanted to get your thoughts on whether I miscalculated anything. Like what I mentioned above, it is in a good neighborhood and very close to the best parts of Tampa. A lot of homes in the neighborhood are being built that are half a million - million dollar homes. based on my research, Tampa isn't the best area to get a good rent/price ratio and most of the time the 1% rule will not work in a good area. How can I make this deal work?