Buying a duplex as a first time buyer Missouri

[Tim Vitale]

Hey all,

I'm a newbie here and new to real estate. I've done some research myself but just want to double check that I am on the right track of thinking or if there's something that I might have missed.  My girlfriend and I have a combined income of $140,000.  We're currently paying $1900 in rent (lease ends in May) with a credit score of 748 and 765.  We have about $24,000 saved up and together are putting away about $2400 a month into savings (while also matching 401K's).

We're looking in the range of $300,000-$400,000 in the older more historic (1890s-1930s) parts of STL Louis with the intention of renting out half the duplex while living in the other half.  This would keep our monthly expenses roughly the same without a tenant, leaving most of any potential income from tenant rent as money that can be on the structure either for upkeep, renovations, or to pay off the mortgage.

I don't believe we would qualify for the Missouri First Place Loans as combined income is over the limit https://www.mhdc.com/homes/fir... Which given our low down payment of 3.5-5% would only leave us with FHA?

Does this plan make sense?

Any suggestions are welcome!