Second investment: should I or shouldn't I

[Johnathan Kwon]

Hi everyone, 

I am strongly considering my second investment to be a VA loan for a multifamily home in or around Seattle. I've been approved for an 800K loan, which would put me at a 45% debt to income ratio. Zero down, so mortgage would range from 3500-4200/month on homes ranging from 650K to 800K. Rental comps vary but are relatively high given the location.

I am looking for a 3 to 4 plex that will pay for itself. I am not looking for an income generating property since I have to live in one unit. Minimal out of pocket costs for renovations or turnkey properties. Is this a rookie move? 

I am okay with paying the closing cost fees etc to get the property as well.

I am okay to pay up to 500/month on the property for additional fees: cap ex, management fees etc. My perspective is that paying 500$ a month for a 650K+ property is a decent investment; I pay close to 500$ a month in rent right now anyways. If I move to Seattle area, the previous rent would go away and id be paying directly into owning a property. 

Question I have for myself:

--Im strongly based about using this benefit and is it clouding my judgement. Is it causing me to fumble future profits because I want to use the loan and move to Washington? I want to use it because I want to reuse VA loan benefits for future homes as I move around.

--Using a VA backed loan to get a property that will essentially pay for itself... is this a newbie move or is it feasible and a logical investment?

--Will this hurt future loan applications cause it will pretty much max out my debt income ratio when applying for loans?

Are there any other questions I should be asking myself?