Newbie to REI looking at house hack

[Trevor Bullard]

Hey everyone! I'm new to the BP forums and to REI in general. My wife and I have made the decision that we want to prioritize using our savings to build a REI business - with the goal of generating enough positive passive cash flow to retire in 10 years. We currently rent and are getting ready to purchase our first property. We've identified a duplex in our area that doesn't look to need much work and looks to have a better rent/price ratio than others (Richmond seems near impossible to find something meeting the 1% rule without a total rehab). Looking for anyone to offer feedback or suggestions about our approach.

Price is $325k, produces $2,365/month in rent when fully leased.

The unit we would continue to rent out brings in $1,165. Our projected mortgage is $1,850, and our current monthly rent payment is $1,600.

Both units are rented until June/July 2021, so we would need to get the seller to agree on a delayed closing to May so that we can occupy it within 60 days of closing in order to qualify for an FHA loan (we don't have a 20% down payment).

This doesn't look like it would cash flow much, if anything at all. Does this seem like something that would eventually turn into a negative cash flowing property and we would regret this, or is it worth a purchase that is sub-optimal in the cash flow sense in order to 1) begin building equity, 2) take advantage of the neighborhood (values rose 6.5% in the past 12 months). We would plan to live in the main unit for at least 2 years.

What am I missing? What should I be considering? Would you seriously consider this as a good opportunity if you were just starting out?