Help Analyzing House Hack Deal: 4plex in New Orleans

[Pierce Rubenstein]

Hi all. I'm new to BP and REI, but am excited to get started. I am considering putting in an offer on a fourplex in a desirable neighborhood in New Orleans to live in one unit as a househack. They are asking 625k, but my offer would be 615k. I would love any feedback on my below spreadsheet.

What am I missing? Thank You! 

https://docs.google.com/spread...

[Mike Wood]

@Pierce Rubenstein  For the price, the rents are quite low.  $1200 in NOLA likely means each unit is a 2/1.  I would say that your expenses are low, insurance is crazy low (you likely aren't including flood, which may not be required, but should be considered), your termite contract costs is too low. I would also be surprised water/sewage/trash was separately metered, meaning owner pays. And as others stated, your missing lawncare costs (you may be doing this as you live there).

Personally, I would not be crazy about a 4 plex where the estimate cash flow was only $100/door.  On my duplexes in NOLA, im at least running $200/door.

WIth the above being said, there is something to be said about living in an area that make you happy.  If this allows you do to that, it may make sense for you. Then consider keeping or selling when your ready to move.