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Are we over-leveraged?

My wife and I own a 2 flat with 3 units in the city and we live in one of the units. It was our starter home when we got married. Now we have 2 toddlers and have outgrown the 3 bedroom 2 bath unit.
We just closed on SFH that could be our home for the next 20 years, with lots of yard and in the suburbs with one of the best public school systems.
Now that the high has gone down a bit, I am feeling a bit un easy with the amount of debt / liabilities we currently have. Here are the rounded numbers and notes. Any advice would be appreciated.

  • 2-flat, Zillow estimate $600K. Monthly PITI $3600, 6 years ($130k) left in a 15 year loan @ 3.6%
  • New SFH $600K, Monthly PITI $4200, 30% down, 30 year (400k) loan @ 6.5%
  • Annual Household income - gross 250K, Monthly Net 15k hits bank account (we tried to max out 401k)
  • Monthly food, childcare, daycare, utilities, bills and misc bullshit ~ 7k. (very rough estimate). daycare and childcare will go away in future, might be replaced by school and recreational stuff.
  • Have signed contract with property management company to take over 2-flat. Market comparable for total rent for all 3 units is 5k. Management company takes 7-10% monthly. 1 month rent for lease signing. 1 unit has tenant (rent 1k), 1 unit vacant, renter just moved out and we just finished repairs and management company is taking over tenant leasing(rent 2k), we currently live in one unit and is in process of moving (rent 2k).
  • Have only enough liquid funds to pay both mortgages for maybe 6 months if we both lose our jobs and no renters. before having to tap into retirement accounts.
submitted by /u/megatronwashere
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/154kv7s/are_we_overleveraged/
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