Potential first deal!

[Trevor Terry]

Hey guys, 

So I have made my first offer on a duplex and the offer has been accepted! However, it doesn't meet the 1% rule. I'm looking to house hack with an FHA loan to decrease my living expenses and get my foot in the door with real estate investing. The property is in a desirable area right next to Rhodes College campus. So, after consulting with my loan officer it looks like I'd be paying about $1,500 for the mortgage (taxes and insurance included) but my total potential rent would only be around $ 1,700 if both sides are occupied. According to the 1% rule I'm way short when considering the purchase price!
 
Let me know if you guys have any advice or input you my have on this deal! It would be greatly appreciated!