Hawaii - Oahu Deal Thoughts?

[Ben Duq]

Got a potential offer going on a small multifamily home, it has 2x 3br 1.5 ba + 1 large studio in Hawaii, Oahu. The property has no flooring, so I am trying to negotiate with the seller to help cover this cost as the lender is requiring flooring to be installed soon after close.

Current offer is $630k + seller agrees to pitch in $8k to cover flooring installation. A conservative estimate on the rents are $1,500/month for the 3br units and $700 for the studio.

My plan is to live in one of the 3br units and rent out the studio and the other 3br. This will not cashflow, but it will improve my current cash position from the apartment I am living in now.

Any thoughts on this? Anyone have a similar situation where they rented a unit on their personal property?

Thanks!