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Updated almost 8 years ago,
Can you check my numbers on this house hack?
Hey folks,
I'm looking at a triplex on the East side of Cleveland. The neighborhood is a C, solid working class and safe. The three units are a four bedroom, a three bedroom, and a one bedroom. Each unit has their own parking space, storage and washer/dryer, and tenants take care of their own utilities. Currently, all units are occupied with month to month tenants. I'd be buying it on a FHA mortgage and moving into the smallest unit.
I'm basically shopping for a place to live that I can move into and be comfortable within a month or two, so I'm not super worried about getting an absolutely killer deal with max cap rate. But I want it to be good, at least! I ran the numbers twice, once as a house-hack at the current rental prices and assuming I'm doing the management myself, and again for when I move out in a couple years. It looks good to me but I know nothing, ha. Does this look reasonable?
As a house hack:
Once I'm moved out: