Feedback for Live-in Multi Analysis

[Josh Corriveau]

Hi BP,

I hope you're well.  My wife and I are considering this fully renovated multi as a live-in option.  The numbers do not seem as ideal as normal (either with the 1% rule or with the 12% cash-on-cash or >7% cap).  We think that vacancy could be a bit lower than 5% given the area, schools, and direct NYC access via train. Additionally, no property management included, as (interestingly enough) tenants pay the commission for getting the property rented in NJ.  The rents may be a slightly conservative by $100/unit, but until it's rented, I'd like to assume as is for the current analysis.

Could you share your perspective on whether this would make sense as a live-in multi, that we would eventually rent out both units completely within the next several years?  The current analysis is as if it was fully rented out (not us living in it).

Given current rental rates in the area, we would be spending $2300-2500 in rent for a 2br. 
I look forward to hearing your thoughts and am happy to share any additional clarifications.

Thank you all for your time and thoughtful consideration.

All the best,

Josh

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