First property - Multi family - How much can I safely afford?

[Richard Burke]

Hey all. I'm considering getting my first (owner occupied) property- a duplex / triplex  or quad, depending on availability. Im looking for advice from others if they've dealt with this situation before.

From research I have done, I've read that lenders (traditional loans for first time homebuyers) may include the possible income from your tenant(s) in calculating what mortgage payment you can afford.

Im afraid It'd be possible to get sucked into buying a larger (more expensive) property that I may not be able to afford if there is increased vacancy / multiple unfortunate events.

This concerns me because if I (single, unmarried guy) can only afford $1300/month on a mortgage, but the bank is insistent that I can afford 2100 / month because  my income + rent can ''easily'' cover the cost.  Sounds great on paper but may not be realistic?

Do you see where i'm going here?

I would be more comfortable with a mortgage I could pay in its entirety without tenants, and having a tenant would just be a nice help on my mortgage (therefore allowing me to put the money I save back towards the property / maintenance).

Am I being overly cautious or am I being a smart investor?

Would like to hear from those who have had similar experiences.

Thanks for any input!