Renting primary residence & buying duplex via FHA loan

[Robert Brisley]

I estimate I could rent for approx $1600/month in my market. Here are my options...I could sell this property and make approximately $40k right now (lived here for 2.5 years) or rent it out and sell later. below are numbers for renting.

1) Am I on the right track with my rental calcs or am i missing something?

2) Does anyone have any advice for what they would do in this situation? Sell or Rent? & Why? This is a great school district and we are thinking we might want to move back here when our newborn is of school age (in 5 years), which is why we are leaning towards renting it so we can return.

3) In looking at tax benefits of renting I can't seem to get my taxable income to be less than the actual cash I'm making in a year.  If i'm making $3173/year after expenses, i don't want to be increase my taxable income by $3,591.  Am I calculating something incorrectly or is this just one of those deals that flows cash well but tax advantages aren't great?

On a seperate topic, I'm looking at buying a duplex with FHA financing to minimize down payment, living in half and renting half. It is an off market deal with below info. I'm being told i could purchase for $100k. Below are the numbers if i were to rent out both sides of the duplex after living in one side for a year.

My questions: 

4) Is FHA loan an option for buying duplex if i keep my current primary residence where i have over 20% equity?

5) This property still increases my taxable income but not more than the actual cash i'm making. From a tax standpoint, it is better than my primary residence but i would prefer it decrease my taxable liability.  Again, is this one of those situations where it flows cash but not a great tax break property?