My very first property

[Alex Barnett]

I have an accepted offer on my very first property and I am looking for some feedback from more seasoned investors. The property is a 1br per side duplex (going to be owner occupied) in a trendy neighborhood. It's an old home but it's in great shape. The property appraised at around 155k and was listed for 140k. Accepted offer was 136k. With 10k down on an FHA loan, I'm looking at between $900-1000 mortgage including taxes, pmi, etc. I feel like that is pretty expensive but the mortgage people tell me that I don't qualify for a traditional loan (due to lack of credit history) and that I can likely refinance in a few years and cut a couple hundred dollars off the mortgage.

The owner has both sides rented out at $600/mo, which I thought was pretty low considering 1br apartments nearby are renting for $800. The owner also said that they hadn't raised rent in 4 years. I am confident I can get at MINIMUM $650 for the side that I'm not occupying, perhaps even more if I were to rent out the two car garage. 

I realize that this doesn't meet the 2% rule etc. and I'm not trying to hit an absolute home run here with my first property but I don't want this to be a total whiff either. Keep in mind that I am also looking at this through the lens of someone who is going to be living in the home as well, not purely from an investing standpoint. My plan is to live here for 1-2 years while I save for my next property and hold onto this one as a long term rental. Do you think this is a solid first property. Thanks in advance for your responses!