First Rental Property, What do you think?

[Camron Cottam]

Alright, so I'm finally ready to dive in and I'm curious what you guys think about my potential first buy...

Let me start with a little background of the situation I am in so I can paint the picture;

I am graduating college this week and got a job about 3 hours away from where I currently am. My start date is a coming up in mid to late June. So I need to move out to that area ASAP. I will be going the FHA route and obviously will be owner occupying the property.

I went to look at properties this past weekend and got a feel of the area and saw just about everything that is currently on the market within my price range. Most of my options were in areas that are too rough for my personal taste and in my opinion, would attract some pretty rough tenants along with it. But there was one property on the outskirts of the area that I particularly liked, it is in my price range and I feel strongly that it would attract the right type of tenants. 

Looking at the numbers:

Purchase Price: 210K

Money Needed: 11K

-Downpayment: 7.35K

-Minor Repairs: 3K

Unit 1: 2 Beds 2 Bath 

-Rent: 800 (Renting a room in the unit I would be living in)

Unit 2: 2 Bed 1 Bath

-Rent : 1100

**Rents are conservative numbers

So here's why I want to see what people think:

There's no cash flow on the property. Using the rental calculator, I came to about breaking even each month. My numbers are very conservative, but even so I expect for that to even be negative cash flow on some months. The only reason I am considering this is because of my other options. Like I said, I need to move out to the area asap. So if I don't buy, I have to rent. Which I feel would be a waste of money. My plan is to move out of the property after year one. Once I move out of the property, I would be looking at a cash flow between  500-700 a month, depending on what I could get on rents. 

Is this something you would consider buying, or would you stay away because of the cash flows?