Hello Everyone, first post here. I’m looking for some advice on a potential property. A little background info:
We purchased our current home in 2018 for 180k. Since then, we’ve added a basement suite and rent that out for $900/month. We are now looking to move out and rent the rest of the home 4BR/2Bath for around $2400/month which we’ve been told is a good number. So that would be $3500/month total gross rent. Our mortgage is only $935/month.
We had been looking for a new primary residence but haven’t found what we are looking for yet. We are now debating waiting a year on that purchase. I recently found a new construction duplex on the market for $450k. It’s been sitting a while so we think we could get it for $430k or so. It is 3BR/2.5Bath on each side. We should be able to rent each side for $1800, but looking at living there for a year before we find a long term primary residence. It obviously would not hit the 1% rule, but should be positive cash flow by maybe a couple hundred bucks a month when we move out.
Long post, sorry. Anyone have thoughts or advice? Thanks in advance.
