Should I continue to rent my apt or buy/mortgage a similar apt?

[Steve Lee]

Hello BP!

I will cut to the chase. I am in a dilemma and need some experienced advise. Right now I am renting an apt in CA for $1800 for a 1bd/ba. Now that I some money saved up, my plan was to put a down payment(FHA loan) on an apt for around 200k-250k, size, condition, and location is similar to my current apt. The mortgage would be right around 1500-1700ish, so it would be cheaper than my current apt rent. I plan on only living here for a year to fulfill the fha requirement, then plan on using that equity/saved up money for a SFH rental which I would also do an FHA loan on and move in. My question is, would it be advantageous of me, to put a down on an apt, and have my monthly payments go towards my mortgage/equity as opposed to just renting?

I feel it is a good decision and one that would help save me money and build equity. However, after the 1 year mark I plan on moving out. When I move out, this unit will not cash flow since mortage is 1500-1700 and I can only charge about 1500-1700 for an apt this size. Factoring this in, would it still be a good move to buy an apt as opposed to renting?

Thank you,