Is the 50% Rule still doable?

[Evan Swanson]

Even with a competitive mortgage rate, the duplexes near me in lower-income areas do not pass the 50% rule. Can someone take a look at my logic below and let me know if I'm using the rule correctly? I know it's just a rule of thumb and that exact numbers need to be used, but I'm unable to find 1 property that meets this "rule of thumb." 

For example: 

Purchase Price: 255,000

DP: 12,750 (5%) 

Interest: 5.05% (also, with this specific product the bank covers the PMI)

Total Monthly Payment (mortgage and insurance): 1,584 

Market Rent: 1,200 

-------------

Total monthly income = (1,200/unit * 2 units) = 2,400 

If 50% (1,200) is allocated towards operating expenses (non-mortgage/insurance), then only 1,200 remains for the mortgage expenses. 

If you have found a move-in-ready property that meets the 50% Rule, please share!