FHA loan for boarding house? $1,232/mo cash flow

[Joe Fornasiero]

Can a boarding house qualify for FHA financing if it's considered a residential property? There is 11 bedrooms all rent for $400. The only concern is the property was built in 1850. Purchase price $150,000 FHA loan Rent: $4,400 Vacancies 10%: $440 Maint 15%: $660 Capex 15%: $660 Property mgt 10%: $440 (plan to manage myself) Insurance: $166 Taxes: $375 P&I: $867 Cashflow: without mgt: $1232 With mgt: $792