My wife and I are looking to pay about $1,600 or less for a mortgage including property tax, PMI, insurance, etc). That would come to about 30% of our monthly income
We’re looking at a duplex and the mortgage estimator for that property for us (with a 5% down payment) would put us at about $2,700 a month.
It’s in a great location where it’s easy to find renters. We also would love the location ourselves. I’d assume it wouldn’t be hard to find someone to rent out the lower unit for somewhere around $1,300-$1,500 a month and owner-occupy the upper unit.
The property is in good condition. The thing is, I have no idea if this would be a risky economic decision as a first time home buyer or not. Happy to provide more information if needed. What are the things we need to take into consideration?