Need Help Analyzing North Atlanta Flip

[Mitchell Smith]

Hey BP peeps! 

Sorry, this is not a flip, but a house hack/buy and hold.

Just got a personal home UC in North Atlanta and my wife and I are planning on house hacking (renting out the basement) and then moving out and renting out the upstairs area as well. Just wanting to make sure we are looking at everything correctly before we get out of due diligence.

PP: $305,000

Seller is contributing $9150 to our closing costs and we are putting 5% down.

HOA is $500/year and taxes were roughly $2800 last year.

HOA has no rent restrictions but does have a clause in their bylaws concerning household composition. It says they hold the power to require occupants be member safe of a single housekeeping unit... so that's my main concern. It seems like it's not "not allowed", but they reserve the right to restrict it, assuming they find out and it's a nuisance.

We think we can get $800-$1000 for the basement rental and upstairs we could probably get $1750-1850. However, since they will be living under the same address, I’m not sure how much of a discount we will need to give to get the unit filled, if any.

We are in an area that should continue to appreciate based on Atlanta growing and the surrounding areas investing a lot of money in infrastructure. 

We are thinking it won’t  be super hard to rent out the basement and get our monthly payment to around $1,000 including utilities. Once we move out, we are thinking we should be able to cash flow $500 at least. Am I missing anything? What question should should I be asking?