Broward country, Fort lauderdale, 1 year house hack

[Edin Mujanovic]

Property is located in what i would call a C class neighborhood. crime is significantly higher than the national average. most properties in the neighborhood are 250-290k, this one has been fully rehabbed from bottom to top. all new appliances, roof, Hvac, etc. essentially turn key.

asking price: 299k

type: duplex 2 Br 1 ba per unit

rent estimate: $1300 per unit

property tax: $5000, can be reduced with homesteading.

insurance: (140-180) hard to get a good estimate

With an FHA loan and 3.5 down. i would be in for $10,465 excluding closing costs (agent say they're great at negotiating that). ive been told the property is a great deal. my mortgage would be $1900. i can rent one unit for $1300, rent out one bedroom in my duplex for 500-700, it would not be enough to cash flow positive the first year. once i leave then i can rent out that unit for 1300. making ~$700 more than mortgage, insurance, and property tax.

when factoring cap ex ($150), general repair ($150), vacancy 5% ($130), and PMI (240), lawn ($30) i have total expenses at $2600.96 .

given that everything is new, should i consider cap ex into my budgeting?

i heard homesteading could decrease property tax by about 100-150 a month. how accurate is this?

this is my first property, i have been trying to learn as much as i can. 

im open to all feedback and ideas!