What House Hacking Is
House hacking is one of the most recommended first investment strategies for new investors. Buy a 2–4 unit property, live in one unit, and rent the others. If structured right, the rental income from other units can cover your entire mortgage — or come close.
This spreadsheet walks you through the full financial picture: purchase price, down payment, rental income from each unit, vacancy rates, and your actual out-of-pocket cost each month.
What's Included
- Multi-unit purchase model (2, 3, or 4 units)
- Rent vs. mortgage comparison per unit
- Cash flow at 5%, 10%, 15% vacancy rates
- Your actual monthly cost to live there
- Annual equity build projection
- Annual cash-on-cash return calculation
- Rent increase modeling (1%, 3%, 5% annually)
- Side-by-side 2-property comparison
How the Math Works
1
Buy
Purchase 2–4 unit at owner-occupied loan rates (3–5% down)
2
Live
Live in one unit at below-market cost
3
Rent
Rent other units at market rates
4
Profit
Other units cover your mortgage — or beat it
Digital Download
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You receive:
✓ House-Hacking-Calculator.xlsx
✓ Works in Excel, Google Sheets, LibreOffice
✓ Free updates for life
House Hack Math Example
| Item | Amount |
|---|
| Purchase price | $350,000 |
| Down payment (3.5%) | $12,250 |
| Mortgage payment/mo | $1,680 |
| Unit 2 rent | $1,400 |
| Unit 3 rent | $1,350 |
| Your actual cost/mo | $0 (or ~$200) |
Template vs. Free Online House Hacking Calculators
| Feature | This Template | Free Online Calculator |
|---|
| Multi-unit (2, 3, 4 units) | ✅ | ❌ |
| Vacancy rate scenarios (5%, 10%, 15%) | ✅ | ❌ |
| Cash-on-cash return calculation | ✅ | ⚠️ Basic |
| Rent increase modeling | ✅ | ❌ |
| Side-by-side 2-property comparison | ✅ | ❌ |
| Annual equity build projection | ✅ | ❌ |
| Works offline — no subscription | ✅ | ❌ |
FAQ
Common questions
What is house hacking?
House hacking is buying a multi-unit property, living in one unit, and renting the others. The rental income from other units offsets your mortgage, letting you live for free or cheap while building equity in an appreciating asset.
Do I need a multi-unit property for house hacking?
Multi-unit (2–4 units) is the classic house hack. But you can also house hack a single-family home by renting out a room, basement unit, or garage apartment. The spreadsheet models 1–4 unit configurations.
What loan do I need?
Most investors use an FHA loan (3.5% down) or conventional loan (5–20% down) for owner-occupied properties. Multi-unit properties with 1–4 units qualify for owner-occupied financing, which has better rates than investment property loans.
What vacancy rate should I assume?
The spreadsheet defaults to 8% annual vacancy (one month empty per year). Run scenarios at 5%, 10%, and 15% to see how your deal holds up under different market conditions.
Do I need Excel?
No. Works in Google Sheets (free) and Apple Numbers. All formulas are pre-built — just input your numbers.
How is this different from the free calculator on quikcalc.net?
The free calculator gives you a quick estimate. This spreadsheet lets you model multiple properties side-by-side, run vacancy scenarios, and project equity build over 10 years — all with print-ready output for lender conversations.
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