Potential House-Hack: Looking for Advice on 1st Deal

[Dalton Toelkes]

Let me start by giving you some background. I just graduated and moved to the Denver, CO area about 3 months ago coming from the Kansas City area (currently living in Parker, CO). I've been getting started in real estate investing and learning as much as possible while looking for my first deal and saving up. 

I got a property sent to me from a local realtor/investor that I have the chance to house-hack for my first deal. It's a 5 bed/2 bath house in Centennial, CO for about $375,000. My plan would be to purchase it with a conventional loan using 3% down as a first-time home buyer (I've already talked to a lender and been approved for this loan) and rent out the other 4 rooms. After analyzing the deal on the calculators here, I found that I can be left with paying anywhere from 0-$200 per month for living expenses after doing this. For comparison, I'm currently paying $1,200 per month in my apartment. Obviously this savings on living would be great, especially in Colorado.

My concern is that I don't yet have quite the full down payment for this even at 3%. I can do about half and have considered looking for a loan from the bank of mom or friends to get the other half I'll need including closing costs and all. In addition, I've considered moving back to Kansas City in a year or two for cheaper real estate opportunities and being closer to family. I would most likely sell the house if I did move and would be fine breaking even appreciation wise to make the extra savings until then, although the market here has appreciated pretty steadily. 

I'm not sure if this is worth it to go through asking for this, moving into a new place, finding and managing roommates, and then potentially selling in a year or two in order to save on my expenses while I'm here, or if I should just wait. I may be getting too excited looking for my first deal and getting in the game so I thought I'd see what the BP community has to say! I would appreciate any advice you have!

You can see the numbers I used to calculate the deal below. (keep in mind cash flow is negative but is a savings from my current living expenses)

View report

*This link comes directly from our calculators, based on information input by the member who posted.