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Updated about 7 years ago,
Advice! Duplex FHA Loan - First Deal Homebuyer - Wisconsin
Hi all! Wondering everyone's thoughts on this deal. It's a 3br and 2 bath each side duplex. I'm looking to become a first time home buyer (I'm 24). You can see my #s below, but I'm figuring I'll be paying around ($700) a month while living there. A lot of duplex success stories have their whole mortgage paid for. Maybe I get the price down a little, maybe I get another roommate for an extra $300, etc, but just getting your thoughts! Thanks.
| Home Price | $234,900 | ||
| Down | $8,222 | ||
| 3.50% | |||
| Mortgage Amount | $226,679 | ||
| Mortgage Pymts | 360 | ||
| Interest | 4.00% | ||
| Yearly interest | 0.003 | ||
| Mortgage Monthly | $1,082 | ||
| PMI | $179 | 0.95% | |
| Yearly | Monthly | ||
| Income ($1,000 other side; $300 friend) | $15,600 | $1,300 | |
| Monthly Expenses - Total from below | $24,080 | $2,007 | |
| Mortgage (Monthly+PMI) | $15,140 | $1,262 | |
| Property Taxes | $3,900 | $325 | |
| Insurance | $1,080 | 90 | |
| Property Mgmt | $- | 0% | |
| Cap Ex | $1,320 | 5% | $110 |
| Vacancy | $1,320 | 5% | $110 |
| Repairs | $1,320 | 5% | $110 |
| Net Income | $(8,480) | $(707) |