Values/formulas for computing deals

[Kayla Caruso]

I'm very much looking to move into a SFR and rent out a room or space to help supplement the monthly costs.

Ideally, I would be live-in flip in a neighborhood on the west side of Cleveland. Currently preapproved for 225k with FHA. Interest rates, down payment, and finances in general are causing a bit of analysis-paralysis.

Should I wait for interest rates to drop? I'm planning on living here for another year, minimum, so see a long-term hold a solid possibility to live, flip, and then rent.

I've read several books, but get confused with all the different values and formulas. What numbers have people used for similar situations as my own? I imagine one of the key things to compute would be to get an average idea of rent in the same area, to make sure it would cover the cost of the house? 

Any help is much appreciated!

Kayla