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Updated over 2 years ago,
Help me analyze this deal?
Hey y'all,
I've been in analysis paralysis over the past year with this multifamily house hack goal I have but I'm finally over it and ready to start making offers. I found this deal and wanted to get your thoughts. My goal in the short term is to live on the property and eliminate my $1600 rent and in the long term (10+ years) sell and collect appreciation.
I’m looking to buy a property in Dallas, TX. It’s a 4-family house ask for 675K (which my agent says is a bit high so we're fighting that out). Current monthly rent income around $5000. Property tax $187/mo, insurance $224/mo. Rents are currently $1250 each and 3/4 units are occupied. My mortgage will be ~$3900.
I'm getting an FHA so putting 3.5% down. Thoughts?