Thoughts on Buckner Terrace in East Dallas as potential house hack/mid term rental

[Lynn Nguyen]

I have been trying to find a good home to house hack in DFW for about 6 months now and can't seem to have any luck. Many of homes in the price range I am looking in need a lot of work. I came across new construction townhomes in the Buckner Terrace area in East Dallas. What are your thoughts or experience with this area? The community would be 10 minutes from downtown and White Rock Lake and fairly close to the Medical District. An idea I have is renting out some of the rooms as mid term rentals, targeting travel nurses.
Would love to hear your thoughts and insights. Thank you in advance!

[Ryan Thomson]

@Lynn Nguyen I wonder if your criteria may be a little unrealistic for the current market. 

House hacking is tough to cashflow in year one (with current house price run-ups and interest rates) for a couple reasons:

1. You are living in one of the rentable units

2. You are only putting 5% down so your loan amount is much larger and therefore your mortgage payment.

I would consider your net worth ROI. What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance). Don't forget to include rent avoidance in your numbers! You have to live somewhere.

You may need to lower your return or cashflow expectations so you can get into a house hack that will allow you to avoid throwing rent money away every month. You know this, but don't forget all the other ways real estate makes you money. Paying down your mortgage and owning an asset that will appreciate over the long term.