Heu Jaron, congrats on killing your first house hack!

Cost will likely be around $120 - $160 / sqft depending on finish out and how much one the existing house needs to change.

I see that all the time in my markets.

@Yael Fuerst, if you choose not to do a 1031 exchange, you would also have to recapture all of the property's depreciation as well as capital gains tax when you sell. 10 years of depreciation on a $100K house ($80K of structure + $20K of improvements) You'll have an additional $9-$10K of tax on the depreciation.

Even in housing.  

That’s the lowest hanging fruit in my opinion. leverage the lenders money and have great cash on cash returns… move out after a year and then repeat the process.

House is well equipped with everything you need.

@Richard Schubert If the house next door is a solid enough deal you could always raise the money from people in your network to tie it up.

Quote from @Kornelius Friske: We have a STR located in peoria AZ. it's 6 beds (garage conversion) and about 3900 sq ft in total. our energy bill last month was $450 and has been hovering in the $350-$450 range since we went live in august.

Good for you jumping in like that!