1st ever home buyer in Miami - advice so appreciated!

[Claudia Martinez]

Hello! Thank you first for reading this post! 

The facts are below - I was hoping to get some of this special community's advice. The intent of this home is to be our first home as a married couple & to have spaces to rent so we can help finance monthly payments. With both units rented, the property (including full mortgage which I understand is not fully money out the door) is 45% of our dual NET income household today and 25% if both units rented. Though this property is not a cash flowing deal, it gives a space we can be comfortable as a newlywed couple (after a year of saving with my mom, God bless my husband) & my hope is to gain the confidence to then begin to seek out a second property for cash flow. 

Questions:

• Is the above 45% & 25% ok / good / great from this community's POV?
• Which financing offer should I go with? 
• I haven't even asked to go FHA - should I consider this ? Why if so?
• What do you think of this deal?
• How much do you think hazard insurance would be due to having renters onsite?
• Any other thoughts?

Details: 

• Offer accepted at $700k and 10% down for a Single Family Home
• Home is a 4/3 built in 1950 with 3 living spaces : a 2/1 (where husband & I would live), 1/1 (detached, rented now at $1350), 1/1 (attached, rentable at $850)
• Rent market is good as is close to University of Miami
• I've spoken to 5 people about financing: a mix of lenders & brokers. Seems like Jumbo loans (needed over $510k in FL) are hard to get right now & require 20% down and can get a 3.5% interest rate. Otherwise, can do a $510k loan for 3% (30 yrs) & a $120k loan for 6.5% (first 10 years, interest only, then 20 years)
• No flooding zone (13ft above sea level)
• Taxes are about $12,100 / year - yikes on this one but walkability score is outrageous - very beautiful are

Thank you so much! Have a beautiful day!