Off Market Duplex not meeting the 1% Rule

[Adam Westbrook]

I first want to thank you for taking the time to read this post. I am currently in the market for my first rental investment so naturally I have a bunch of questions. Where better to turn than the Bigger Pockets community! I am looking for a duplex I can rent half and live in the other half. I have recently found a duplex in a class A neighborhood in Fort Worth, Texas. The duplex is an off market property with an asking price of 350K (Zillow estimates 380K), 2 bed 2 bath per side. My issue is rents do not meet the 1% rule, gross monthly income would be around $3,000, and the owner currently pays for trash and water. 

So here are my numbers: 

Asking price- 350K

Estimated Repairs- 35K

Taxes - 8K

Expected Rent - $3K 

Monthly P&I - $1481

Thank you again for taking the time to read this post. Any and all thoughts/insight would be greatly appreciated to help me make more informed decision. I am blessed to have a community who wants to give back and share the knowledge they have learned.