Analyze this Deal? Live In One Side, Rent The Other- Duplex

[Greg Mckeever]

I purchased my first Duplex property about three months ago for $75k, using FHA 3.5% percent down.

The original plan was for the tenant's side to pay 100% of the mortgage / taxes / insurance / PMI, while I cover trash and water for both sides.

Upon closing and finalizing the loan, I realized the mortgage / taxes / insurance / PMI totaled out to $640 a month, which isn't bad in my opinion, but a little more than the $550 I was hoping for. The tenants I inherited are long term renters at $500 a month. I decided to keep rent the same since they take good care of the place, pay on time, and are long term.

My total payment is around $723 - MORTGAGE ($640) +TRASH ($33) + WATER ($50). 

Tenant pays $500, leaving me with around $223 a month. When I move out in the future I hope to rent my side out for $600, putting the total rent at $1100 a month, minus the total payment of $723 giving me around $377 cash flow.

Good or bad deal?