Buying First Property for Rental Investment!

[Christopher McIntosh]

I'm interested in buying my first property this year in Anchorage, Alaska. I'm mostly considering a duplex, and for the next year or so, I would be occupying one of the units and renting out the other. My goal is to put enough money down on a place that I can bring in about 600-700 a month cash flow, if I eventually move out and rent out both units.  That sounds too good to be true, but with the places I've been looking at and the amount of rent I could receive off of both units, it seems possible. Most duplex in the areas I've been searching for have averaged in the 220-280k price range, and with those properties, I could pull at least 1,100 rent out of each units (most likely looking at a 2 unit property.) My only tool for figuring out the mortgage has been multiply calculators for this found online, but all of my estimates are about 1500 (at an interest rate of 5%) for with a 40k down payment for a 250k property. Tax is $250, insurance $67, pi $70. That amount still leaves a least 600 left after rental income. I'm also going to add about $150 a month into a savings in case of any repairs needed. But  I'm thinking there's gotta be something I'm missing from the equation.  Any help would be greatly appreciated!