Aspiring first time home owner and investor - does this deal make sense?

[Matthew Saxe]

I am in an area with a really hot housing market. There is one side of town that I have picked out, as it is not extremely expensive yet but it is really starting to get some traction. Here is the plan:

- Use FHA construction-to-perm loan, this would allow me to cover land and construction costs with a smaller down payment

- Build a stacked modular triplex, each story being 2 bed, 1 bath

- Live in one unit for at least a year, and rent out the others

- Eventually use equity to buy another property

The numbers:

- Up to 300k for construction

- 650 sqft. per unit, a total of 1950 sqft. (This would give me about $154 / sqft)

- Up to 150k for the land (I've already found some promising lots)

- 480k loan

- 20k down (4%)

- Rent: $2,000 - $2,200 per month per unit

This is the plan, but as a first-timer I am not really confident with my calculations. I would expect operating costs + mortgage to be around $4500 - $4800 per month, and I would be getting $4,000+ in rental income per month at full occupancy and living in one unit. I assumed 8% vacancy in my full calculations. 

Once I moved out, the cash flow would be pretty great, but I am concerned about whether I can even build a modular triplex for $155 / sqft. I know stacked is the cheapest option for a triplex, and modular is typically cheaper than alternatives.

Is this feasible?