What do my numbers tell you?

[Sean Llewellyn]

Current Numbers

Hi all,

I am currently house hacking my first rental property that I bought in late 2020, and I don't know what to do with it. I want to share some numbers and insight to get some recommendations/feedback on what my next move should be. 

Property information - 

Located in Litchfield County, CT. Built in 1800. Three-family home. 2350 sq. ft. 0.53 Acres. Unit #1 is 1BD/1BA 800 sqft. Unit #2 is Studio 650 sqft. Unit #3 is 1BD/1.5BA (with small office space) 1,000 sqft. 

Purchase Details - 

Previous owners are local investors who purchased the property as a foreclosure in 2015 for $150k. 

My purchase price in 2020 was $320k. I put down 20%, $64k. Closing costs were about $11k. Interest rate is 3.15%. Mortgage is $1,692 per month.

In 2021 I spent a lot on repairs and rehab for the unit I moved into. At the end of the year my net income was -16.7k.

For 2022, I have spent a lot on repairs and rehab for Unit #3 which became vacant in May. So far, my net income is -17k.

Due to the inspector missing a lot of big issues with the house and the age of the home itself, I am very worried that I will continue to dump money into the house rather than use potential profits to invest in more properties. Some days, I want to sell immediately, and other days I want to hold as long as possible (buy&hold investing is what I am most interested in). 

I will attach a screenshot of current and projected numbers for the property (if I were to move out). 

I appreciate everyone's input, please be as straight forward as possible. You will not hurt my feelings, this is business. Feel free to ask any questions that will help you have better solutions to offer. 

Thanks again!