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Updated over 2 years ago,
Is this househack worth it?
Hey Everyone, I'd like to house hack by the room on my first property and wanted to get your input. Thank you in advance.
I'm looking at a property in Dallas, TX for $400,000 (5bd/2.5bth, 2500sqft ) with 3% down. I currently have about 25k in savings. All of my savings would go directly towards down payment and closing costs unless I do a seller concessions.
Here's a breakdown of the numbers:
Income:
Rent (4 bedrooms at $850 each excluding utilities) = $3,400
Mortgage Payment: $2,326
Property Tax: $767
Homeowners Insurance: $250
Mortgage Insurance Premium: $243
Maintenance & Capex Reserves: $272
Vacancy: $170
Total Expenses: $4,027
Although it isn't immediately cash flowing, I'd be living there for only $627 a month after accounting for capex and vacancy monthly.
I'm open to all suggestions, thank you!