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North Portland/Arbor Lodge House Hack
Hi BP,
This Portland market! Home prices are moving like crazy. Trying to catch a deal before rates hit 7%!
My wife and I are searching for our second property in North Portland. Our first was a 203K renovation purchase for our primary.
Now we're looking for a house hack (should have started with the house hack, I know I know haha). But since she is still a first time buyers we are still getting low down payment options.
We want to run another 203K, this time converting a basment to ADU (Basically have to do everything: Permit, design, Egresses, full kitchen build, level concrete floors) as well as spruce up the main level. Running rough numbers, we'd want to get $1800/mo out of a basement 2/1 (with shared backyard). Is that competitive in the current market?
Hoping to get a pulse on where North Portland rents currently are and where we think they are headed with the way the city is regulating landlords and how Portland is on a slight population downturn. Are people seeing rents holding, increasing with rising cost of home ownership?
Thanks everyone!