Should I househack a condo in N. Hollywood or Long Beach? At all?

[George Torres]

Hey Guys, Newbie here about to make the plunge! I'm thinking of buying a 3br 2 bath condo in north hollywood/Panorama/arletta, taking one room and renting out the other two... First off, is this generally allowed in condos as long as I occupy the unit as my primary residence?

Secondly, what do you think about the idea altogether? My Mortgage/Ins/tax/hoa will be about 2k and my income from the other 2 will be about 1800.... I know that condos can be volatile in price but being that i get to almost live for free, am I making the right choice given the location? Or should I be concerned about something(s) I'm not thinking about?

Thanks for the help guys!