Duplex Househack in S. Bradenton, FL @385K - is it a good deal?

[Anna Telukhina]

Hi, fellow BiggerPockets deal makers!

I'm fairly new to St Pete/Bradenton area, and I desperately need your advice on the price and the deal I am looking at now (not to mention that this is my first property purchase).
The duplex is in great condition, with 4 parking spots in total, a separate backyard, and an entrance, the bigger unit has an L-shaped backyard with a hot tub, and the smaller unit has a spacious yard as well. Both units are 2BR/1bath.
I'm looking to purchase this property at a @3.5% conventional loan (hence, house hacking aka FHA loan) for $385k. The only worry that I have are the rent prices. How much can I charge this unit for?

With my analysis I'm cashflowing, but I am basing my number in what I believe the rents should be. So should 2 bedroom / 1 bathroom with a huge outside area be $1400 or $2000?

Please let me know if I can provide you with more info.


Thank you,
Anna

[Michael Paling]

Hey anna, If you haven't been checking the rental prices around your local rental market each day (or at least each week), I'd highly suggest doing that. I have been collecting data in an excel spreadsheet on my local market for about a year, so I can pull that file up to give me a great idea when I need input on estimating rents on a deal. 

Make sure you're still accounting for all CapEx, maintenance, and vacancies in your numbers too, even if the property is in great condition.