Buying a Duplex

[Todd Lohr]

Im interested in buying a duplex and living in one side while renting out the other. I live in Southern California where home prices are much higher so im wondering if there is any formula I should use as to what is profitable and a good deal. Ive looked at a couple places in the 250-300 range, where rents are around 1,000-1,200 for a 1 bedroom, and 1300-1500 for a 2 bedroom. Anyone have any tips, stories, or ideas for a 23 year old looking to stop renting? Thanks!