You will owe monthly payments until you fix the property up, rent it out, and refinance to a more traditional 30 year fixed rate product. 

If it's not feasible due to circumstances I suppose I'll have to adjust my situation (find weekend job, move back to NJ with parents, move to a different state with, etc.)All responses are appreciated, and I am absolutely open to chatting on the phone by the way.My view on house hacking is it can be a great tool to buy a house you could not  otherwise afford, but it shouldn’t be a goal in it of itself if that makes sense and that’s not to discourage you from investing just there are alternatives such as the stock market. so I’d start by asking where you want to live, do you want to own a single family home or does it make more sense to rent in a more interesting neighborhood like Arlington, Alexandria, that’s gonna be a personal choice, Will your monthly payment actually be less than renting/how many people do you need to get in the house to afford that?

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

On a more common event list, would be hail, flooding and wind damage (trees esp.). 

They are a more local and relatable example. 

If this property won't cash flow as a long term rental, you might want to sell and 1031 exchange into a more profitable property.

I always insist that every opportunity for additional income should be explored.By implementing these strategies, property owners can maximize unit potential and create a more profitable investment.

A more realistic question is will rates go down below 6%.

If you want to get fancier and buy a more comprehensive calculator you could.

You can have a lower sales price home built in 2005 that could give you more problems than a more expensive home built in the late 1800's.