Otherwise you could end up owing more than what the house is worth, which a lot of investors are struggling with now. 

I have a contract on a house in Phoenix AZ with a value of $500,000 and a mortgage of $288,000 to be taken subto.

It could be some sort of skill set for renovations, design for furnished rentals, specific market knowledge, owner occupied loan products for a house hack, etc. 

I do think house hacking and small multifamily are the best plays at the moment. 

I am new to real estate investing, and is considering house hacking a property for my first deal.

I'm asking because last year I bought an inventory home in Cypress TX that had a $10k discount, however the appraised value of the house came out to be the same as the discounted price :)  

I have a rental house with 150K left on the mortgage, I have 200k in an after tax brokerage account invested in cash, stocks and bonds.

If not I would explore house hacking.

I love the program, as it helps many people who can't afford housing.

That's exorbitant in my area for a house that size.