House Hacking (buying my first home)...help/suggestions

[Cyle Lublin]

First, I'm excited to be here and hopefully some you guys will have some good tips on helping me buy my first house! I'm from Belleville, MI and looking to purchase a multi-family in the Metro Detroit area.

Now, I need some input on a property I found that has potential and I'm wondering if it's worth it... here's the scenario:

• Duplex near a trendy downtown area (Ferndale, MI) and it's listed for $225,000
• The millage rate for a homestead is 55 and 73 for non-homestead, which would make taxes approximately $6200 (homestead) and $8100 (non-homestead) a year based on selling price divided by 2...I confirmed this pricing with the city.
• I believe each unit is renting for $900 (rentometer indicates average rents for $1150)
• Both units are leased until April 2018, which at that point I have to decide which unit I'd like and if the other tenant would like to renew.
• I haven't seen the inside of the house but I'm not even going to look if the financials don't make any sense...I'm looking to spend about $1000 a month after all expenses are factored in (P&I, Taxes, Insurance, Utilities, Groceries)
• I have an 800+ credit score and my original lease would be at 4.675% since it's an initial investment property...I'd look to refinance 30-60 days after moving in.

Someone, anyone please let me know what else I'm missing and any suggestions you have would be highly appreciated! Would it be a good idea to form an LLC when buying this property as well? I'm thinking that it would be for the sake of liability in case a tenant sues.