Advice on my first deal

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Hey BP members, I'm in the midst of potentially making my first acquisition of a buy and hold property. Any third-party, impartial advice would therefore be greatly appreciated.

The property is a two family home in need of a few repairs.

Estimated ARV: 230,000 - 250,000

Purchase Price: 200,000 + 18,000 Repairs (I will be using a 203k Loan with about 5.5% Interest; 3.5% down.)

Closing Costs: $9,680 - $5000(Seller Credit) = $4680. The seller is also willing to give me a personal check for $7500 at closing to offset potential repairs.

Down Payment: $7630.

Property Tax: $5100

Home Insurance: $2050

Mortgage Insurance: $1800

I will be living in one of the units and renting the other (Fair market is about $1300 for that unit). Both units are currently unoccupied.

The home is going to be negatively cash flowing about $600 a month for the time that I will be living in it (1 year). So i'll be coming out of pocket about $7000. After I rent out the unit that I will vacate (about $800-$900 a month) then the cash flow will be about $230 a month, accounting for vacancies, capex, and maintenance.

It's a B neighborhood, residential with a lot of families.

Is it worth coming out of pocket about $7000 to reach the point at which the duplex will cash flow at $230 a month? I dont need a new place to live and it would be cheaper to stay in my current place. So I consider the $7000 a debt burden, not necessarily living expenses. I'm just using the 203k loan to potentially get the property and because I want to get started with something. Is this a bad idea? Should I wait until I have more $$$ to throw down and get a property that cash flows from day one? The cap rate on this property after a year (7%) is about average for the area. I'm in the New England area so super high property taxes =(.   

Any advice would be greatly appreciated. Thanks everyone!