Best way to analyze a house hack?

[Cody Swainston]

Hi guys,

Wife and I have found a potential duplex house hack. Just trying to decide the best way to quantify a “good deal.”

On a pure rental the metrics are pretty easy. To me it gets a little fuzzier on a house hack where I’m living in part of it. Is it good if the rent covers your mortgage? Or is it only good if there’s free cash flow after the mortgage payment? Thoughts?

I guess my initial thought was I’m not planning to stay there forever. So maybe just analyze it as if both units were rented out and if it’s a good deal it’s probably a good deal with me living in one side. 

Amy thoughts/guidance appreciated!