Can I Househack a Fourplex in McAllen? Is It Financially Feasible?

With fourplexes sitting on the market longer and prices softening across McAllen, I keep getting the same question: could I actually live in one unit and rent out the other three? Let's run real numbers on it.

The example: a repriced fourplex

Let's use a real scenario we're seeing in the current market — a fourplex originally listed around $550,000 that's since come down to about $475,000. That kind of repricing is common right now given how much fourplex inventory has built up across McAllen.

What the rents actually look like

On a typical fourplex layout in this price range, you're generally looking at:

• 2-bedroom units renting around $950/month
• 3-bedroom units renting around $1,100/month

If you're house-hacking, you'd occupy one unit yourself and collect rent on the other three.

Walking through the numbers

The unit mix: A typical fourplex in this range splits evenly — two 2-bedroom units and two 3-bedroom units. We generally don't recommend straying from that balanced mix; it's what the market here is built around and what tends to rent most predictably.

Gross potential rent (all 4 units, fully rented):

• 2-bedroom units: $950 × 2 = $1,900/month
• 3-bedroom units: $1,100 × 2 = $2,200/month
• Total: $4,100/month (typical range runs $4,100–$4,300/month depending on condition and finishes)

If you're house-hacking (living in one unit, renting the other three), you'd subtract one unit's rent from that total and add the value of not having to pay rent or a mortgage anywhere else.

A high-level P&L on the numbers

Here's how the math typically shakes out on a fourplex in this range, using $4,200/month ($50,400/year) as a mid-range gross potential rent:

These are high-level planning numbers, not a guarantee for any specific property — but they give you a realistic starting point before you ever run numbers on an actual listing.

The owner-occupant financing advantage

This is the part that makes house-hacking worth strongly considering: financing a fourplex as an owner-occupant (meaning you live in one of the units) opens up loan programs — like FHA — that aren't available to pure investors. These typically require a much lower down payment than a standard investment-property loan, which can be the difference between affording this deal and not. If you're owner-occupying, you can also apply for a homestead exemption on your primary residence portion, which helps offset the property tax line above compared to a fully rented investment property.

If you're considering a fourplex as your first home, or your first investment, this is exactly the kind of numbers conversation worth having with a lender and a realtor before you write an offer. Reach out and we'll run the actual math on a specific property together.