Seeking guidance for First time Primary home buy to convert Rental in future

[Bhautik Bhanani]

Hi all, I am married and first time home buyer and currently living in Alpharetta, GA. Housing market here is good here as I saw online it says Alpharetta and Milton to have highest median home price in Georgia. I am planning to buy 3 bedroom townhouse and going house hack way to rent out two bedrooms to individuals.

I plan to keep that property as my primary home for 2-3 years and planning to covert to rental property and buy new house after that. Average 3 bedroom rental here is around $2300/month and as I look for current mortgage then it comes around $2000/month plus other expenses like property tax, HOA, insurance, etc. combining to $3000/month.

I am little confused here as I researched that when I file tax for any rental property then I can waive of Mortgage Interest, HOA, Insurance, Property Management fees and few more additional expense to operate that property and if I charge $2300/month and if I don't refinance after 3 years suppose interest rate doesn't change then I would be paying around $700 out-of-pocket to run that property. However if I waive of tax including those expenses then I may come up even. This part I am still confused as I am not sure how that would work out.

If anyone has knowledge to then could you provide info how this may work out? or It won't work out as I am predicting? Also, if there are interest rate change going lower compare to now in next 3 years and if I refinance then how it would affect monthly rent to total expense ratio.

Also, property I am describing about is having new Exit being developed near by. It would be a minute drive to that house to new Exit. Will that affect any property appraisal in future positive or negative way? Also above strategy I am planning to house hack initially and convert to rental will work? or are there negative risk to that?