Rental near College ( By the room ) Should I buy this property?

[Christopher Lynch]

Hi All, 

I am looking at a property to house hack. It is a couple streets away from Providence College. After talking with some locals and property managers it seems realistic to get 500-700 per bedroom. The property is a duplex with 2 bedrooms 1 bathroom on the first floor and 3 beds 2 baths on the second and third townhouse style. 

My intention is to live on the First floor ( 2 Bedroom unit)  and rent the second by the room. 3 bedrooms at $700 each would be around $2,100 in rents. I would have a monthly Payment with taxes, insurance and mortgage of around $2,350 at full purchase price 0% down plus getting a $7,500 first time home buyer grant. I am also an agent so I will be getting a commission when I purchase because I will represent myself in the transaction. 

Expense layout estimates:

Mortgage, PMI, taxes and insurance= $2,350

Water and sewer= 100/month? Do not have the numbers yet.

Vacancy when I move out estimate 5%= $175/month

Expenses/Repair budget estimate 5% = $175/month

Income layout:

$700 per room x 5 bedrooms= $3,500

Net/month= $3,500-$2,800= $700 Net.

What are your thoughts? Also is there anything I am not accounting for here? Is this a good house hack property in your opinion? Or should I keep looking for something different. 

Here is a link to the property:

https://www.zillow.com/homedetails/91-Oakland-Ave-Providence-RI-02908/66073962_zpid/