Help analyzing House Hacking Property

[Frank Macias]

Hello BP Members!

I need your advice/help/input analyzing a house hacking property I am interested in. The numbers appear to be good but I want to get your take on this to make sure I am not missing anything. Thanks in advance!

Purchase price: $280,000

Down payment: $20,000

30 yr fixed @ 4.25% (No points) 

Closing costs: $6000 

Rehab: $2000 

Principal+Interest: $1280

Taxes+Insurance: $600

PMI: $190

Vacancies: 5%

Repairs/maintenance: 5%

Cap-ex: 5%

Monthly expenses: $~2500

Monthly income: $2900

Cashflow: $400/month

CoC: 17.18%

A couple of things to add:

• I have analyzed the deal as if we were not living because we will most likely move out after 1 year and keep it as buy and hold property
• Both units are sub-metered electrical/water and tenants will be responsible for utilities 
• No HOA dues
• This property is in a flood zone and will require flood insurance - I have been given an estimate of what flood insurance would cost on this property and have over-estimated generously on this expense
• The property is in good shape, as far as we know their does not seem to be any major rehab issues. Just some cosmetic things to touch up (paint, kitchen cabinet paint, cleaning)
• If the property sat empty, we would still be able to afford the mortgage payment rather easily. 
• It's not in a warzone
• Property details: 3/2 single family + 1/1 detached cottage on the property that my wife and I will live in. 
• We will be self-managing 

Thanks for reading I appreciate your input!