This might be a solid starter home for a young Coli breh looking to build wealth.
It has 6 units, and you could occupy one. I forget if the FHA limit for multi-families is 5 or 6 units, but you may qualify for an FHA loan with as little as 3.5% down ($14K on an asking price of $399K).
Rentdata.org says the average rent for one bedrooms (the listing doesnt say how many bedrooms the units have) in the zip code for this property is around $1K. Even if this property is on the low end for this area, say $800 for a one bedroom, you still might gross around $4K per month, which may exceed your monthly payments (realtor.com says $3K, but I think they may be grossly underestimating insurance).
It has 6 units, and you could occupy one. I forget if the FHA limit for multi-families is 5 or 6 units, but you may qualify for an FHA loan with as little as 3.5% down ($14K on an asking price of $399K).
Rentdata.org says the average rent for one bedrooms (the listing doesnt say how many bedrooms the units have) in the zip code for this property is around $1K. Even if this property is on the low end for this area, say $800 for a one bedroom, you still might gross around $4K per month, which may exceed your monthly payments (realtor.com says $3K, but I think they may be grossly underestimating insurance).
