Is this mortgage payment too high even with a rental?

[Michael Charles]

Hi everyone. Great forum here. So long story short, I've been looking for a long time to buy something and having analysis paralysis as I've heard many investors say. Well, I finally found a home in a great neighborhood that has a rental unit. It is definitely on the high end of my budget. 

Here are the numbers:

Doing an FHA loan, the mortgage is around 4,700 all in (including real estate taxes, and home owners insurance)

The rental is generating  around 1,500 per month. I will be renovating the unit and putting it on the market for 2,000 ( the unit is way under market, was a very long time tenant)

How does this seem for a first time investment? I am living in the other unit. It is in a great area, and I have been getting out bid on almost every property I have come across, and not a lot is even on the market in my area. 

I make $100-120k at my job depending on bonus. I'm paying rent now $2,000 per month, essentially throwing that money out the window. The way I look at it, is after the rental income, I will be paying $2,700 which is more than my rent but not by a lot, and at least I will be building equity. 

Is this a good deal? Thanks !