Hi Guys, my name is Andrew and I am 23, and attempting to get into my first RE transaction.
I have been reading/listening for about 6 months, and I will be househacking a simple 3/2.5.
I will try and breakdown everything clearly and hope that you could provide me insight on this deal before
First off this is a BRAND NEW HUD home, that is currently in construction in the Houston area.
Below are reqs I must meet to be approved for purchasing:
- must be homestead for 10 years after purchase ( might be tricky, but I plan to keep the prop )
- max income of family of 1 - $XX,XXX
-first time buyer
FINANCIAL BREAKDOWN:
- Price: 200,000 (Based off the deals on the MLS, this is 60k+ LESS than any other home that is newer than 2000 3/2.5 in the Houston Downtown market)
- 40K down @ 4.15% for 30 yrs = $797.25/ month
- Property Tax @ 2.6 = $433.33/month
- Insurance ~ $250/month
- HOA - $100
- Vacancy/CapEx ~ $93
- TOTAL EXPENSES = $1681.92/Month + Utils
- TOTAL INCOME ( 2 Rooms @ 775, Utils included ) = $1550
- GRAND TOTAL = -$131.92 / month
PROPERTY BREAKDOWN:
- Location, location, location. 5-10 minutes from majority of Houston's attractions Downtown, Midtown, Museum District, George R. Brown, etc..
- It is also located right on the feeter of a I-45 ( which is currently under fwy expansion project finishing 2020)
- Neighborhood - Situated on the edge of 3rd Ward (quite ghetto) and EADO (currently being gentrified).
The surrounding homes/properties are a mix of vacant properties, new townhomes, and a sprinkle of old homes.
PLANS:
Please let me know what thoughts are; let me know if there is any missing info/too much for the public.
-Andrew
