Hi all,
I have looked at a few multi family homes. My goal is to house hack, live in one side and rent the other as many have done. I'm looking for some feedback on the details below:
1. 1968 Ranch/tri level like house, 3 bed/2 bath per side, newer roof, water heater, fireplace, two stall garage (separated sides), listed at $210,000. utilities are divided. Electric heat, no ductwork for HVAC/central air. REA stated it's probably something i could pick up for $190-200k. I would use FHA. My monthly mortgage would be about $1200
2. Current renters pay $950 per side. rent could easily go up as it's a highly sought after area with a private christian college area. Renters are currently both unorganized and dirty young families. Renting month to month. There has never been more than 30 days vacant at this house since 1994 per the records i reviewed.
3. Cosmetically inside, carpets need to be pulled and put laminate or something else down, walls need painted, and a few windows need updating. The bones of the house are solid. The exterior needs to be cleaned up. So the there is some equity to put in and general rent could get up to about $1200 per side based on my friend who owns a few other duplexes in the area.
Based on all this, if i rent one side and have a room mate with me one the other for about $400/month plus half utilities, i think this would make a lot of sense. But i want to get you ideas BP Members!
I'm newer to the process and would be greatful to hear your input and discuss the pros and cons.
