Question on renting and occupying property

[Jack Glazer]

First time buyer/investor here - Looking at getting an FHA loan for SoCal because of the high cost of entry here. Planning to rent this property that has an existing renter already and won't be difficult to fill should they leave. When I run the numbers on the rental calculator, my Cash on Cash is -72% because it doesn't take into consideration the fact that I'll be paying the remaining expenses including mortgage every month. Currently renting a place I pay 2300 / month right now, and after all of the numbers stack up, my monthly payment on a loan would be ~2000 (see attached pic) so less than what I'm currently paying to rent right now. SoCal real estate increases in value pretty quickly as well, so I'm wondering, despite the obvious negative CoC, would this be advisable? My thinking is that there are no other options for buying/renting in SoCal and I'm fine with paying 2000/month to cover the remaining expenses while renting out to a tenant to cover a portion.

Thoughts? 

Thanks!