Owner Occupied Multi Family Investment

[Mike S.]

I am new to the forum after reading a lot of valuable posts. I have a question on what my desired rental income should be (including my own 'rental' costs for living in the property) and the applicability of the 2% and 50% RE rules in terms of the owner occupied multi-family investment. I figured I would start here since this is a new opportunity.

My wife and I currently rent at $1,500 a month. We live in Madison, WI. Real Estate is fairly stable here.

I am currently looking at the following:
3 Unit Multifamily
Sale Price: $449,000
Downpayment (20%):$90,000
Annual Taxes: $10,103
Annual Insurance: $1,572
PMI: $0
PITI([email protected]%): $2,687

Rental Expectations:
Unit 1:$1,500
Unit 2:$1,500
Unit 3 (My unit and costs..in other words): $1,500
Total: $4,500

I keep reading about the 2% rule and 50% rule and assigning 50% of the rental gross to repairs and the other to Net Income after the mortgage. I can't make this work. I am wondering if my own rental costs should go toward the calculations?

Sorry this is a bit generic of a post...but need to figure out if my expectations are out of whack.

Thanks for any help.