First Seattle Area House Hack - Running the Numbers - Thoughts??

[Jim Doyle]

Hi All,

I’m looking to purchase my first duplex in the Seattle WA area and started to use the Bigger Pockets calculator to run some numbers. The intention would be to have a house hack in the Seattle Market, I will be purchasing the house itself; my girlfriend and I will live in one side of the house and then have a renter in the other side.

House I'm considering is $600k; I'm looking to put down 10% and have $10k for closing costs. I've calculated Vacancy Rates and CapEx at 10% per month and included property taxes, etc. that the calculator accounts for in the tool.

I was using the "Rental Home" calculator on the site, which I think would be the best option, correct me if I'm wrong? From a rental income component, I just included the assumed monthly rent of $1,500 from the side that we would be renting out as the other portion would be my side of the mortgage. The monthly expenses for the house is coming in at $4,626 per month and with rental income of $1,500 that leaves a negative balance of -$3,126. In order to get a more accurate CoC return and breakdown should I be assuming what the house would bring in if both sides were rented? Is that the best way to determine the ROI? The intent would be to live in the house for a year and make small cosmetic updates as needed and then move out into the next duplex.

Any guidance would be greatly appreciated, if anyone has some househack calculations that they’ve run in the past and would be willing to share, I’d love to see. Thanks!