Is it worth buying a rental property in West LA/Santa Monica?

[John Wu]

This is my first time buying a house. I have enough money to put a down payment and closing fees for a 2 Million dollar property. Ideally, I am interested in buying a multifamily house, like a duplex. That being said, I would like to be in one of the following situations:

1. Live in one of the units. Rent out the rest. It's my dream to live around the area. I entertain the idea of going to the beach and then eat some awesome food around Sawtelle.

2. Rent out the entire property and live somewhere cheaper. I can live with my girlfriend's family for free in a nice neighborhood in LA.

I found a duplex that I really like for about 2 Million. It seems that the PITI is $9,490.67. Using the Bigger Pockets Property Insight calculator, renting out the entire duplex is $7350. So, I will have to pay 2,140 out of my pocket every month. I wouldn't mind that, but it doesn't seem to provide positive cash flow. If I live in the other unit, it would have to pay 5,000 per month, which is a bit excessive for me.

I want to buy this place because it's my dream house. I was thinking about renting it entirely for a couple of years and then move in. However, I'm conflicted because I would have to pay $2,140 just to maintain this place per month. What should I do? What if I have some extra passive income that could pay the extra $2,140? Should I still buy this place?