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Updated almost 7 years ago,
How do you find house hacks that make sense?
Where I'm located, a duplex in a decent area is going to run you at least $125k. Fully rented, rents in said decent area might be $1500-$1600/month. Taxes in Cleveland are generally high, with some areas being downright absurd. Assumptions include 10% for property management, 5% vacancy, 5% for repairs, 10% for capex, $75 for insurance and $100 for utilities. Considering those numbers along with a monthly mortgage payment of $620 (on a $125k property), I'm yet to find a deal that positively cash flows, and I've looked at a lot. I know the market is tight nowadays, but how is anyone finding deals? Are my assumptions bad?
Apologies for the rant - I'm new at this, but it's getting frustrating analyzing over 50 properties and not one positively cash flows (and some people want over $100/door....?).