Was talking with a friend and he's trying to do his first deal. I told him this didn't work but figured I'd post his deal here and get more thoughts.

"Hey All, I'm a first time buyer looking to get out of renting and inspired by a lot of the investment thinking here. Looking for feedback on a deal to see if it makes sense. I have to admit that I am a bit lost in this stuff.

​

House Details: Seattle, WA Multifamily duplex requiring not much work at all

​

Unit 1: 1 bed/ 1 bath with great view of mountains (top unit) currently rented for $2095 month to month

​

Unit 2: 2 bed/ 1 bath previously rented for $2200 but currently vacant

​

Asking Price: $800K

​

My Details: Current Income: 167k Base (biweekly take home of $4300)

​

Current Rent: $1750

​

Initial Plan: Move in and live in Unit 2 for 1 or 2 years and then find a new place to purchase

​

Assumptions: Assuming $800k Asking sticks Assuming $100k down Monthly Mortgage would be $4300

​

Questions: Is this a good deal for a first time investment opportunity? Would like to live in a place and then turn it into a full rental at a later date. If I could get the down payment to $150k and the price point down to $780k, my monthly mortage would be $3970. Does that change the equation?

"