$200,000 Down Payment Low Income

[Conor Murphy]

I am looking to buy an investment property in Los Angeles.

I can afford $200,000 as a down payment.  My income is around $30,000 a year but fluctuates. I was just pre-approved for an $800,000 loan, because I have a good co-signer. 

I want to either buy a duplex that I can fix up and live in half of it, or buy a two bedroom where I can rent out the second room. The houses I have been looking at that interest me have a purchase price of around $600,000-$800,000. 

What does everyone think about this in terms of feasibility?