Boston-area Multifamily Options: Math isn't making sense to me

[Kevin Q. Parker]

Hello folks, I'm hoping to get started in real estate investing next year.  Specifically, I'll be looking to buy and live in a multifamily property in/around Boston.  I should be able to finance up to about $1.5M.  I've tried to get up to speed by reading various books/articles and watching the BP videos.  However, after starting to run some numbers, I'm not seeing how the Boston area could be affordable/beneficial for this type of investment, especially with a 50% operating expense budget on a $1M to $1.5M home.  The rent needed to cover that seems way above the market rent averages, so I'm wondering if my estimates are off or if I need to take a different tack on analyzing properties.

In any event, my ask is, Would anyone mind chatting with me about how to analyze deals in/around Boston?  I'd really appreciate it because I'm very hopeful about wading into real estate in this region but I don't see how the math will work (even before factoring in my expected financing costs).