Should I take this owner financing house hack deal?

[Mason Mccullough]

Hello BP community, 

I have been searching for a house hack opportunity in the New Orleans/Metairie area for around 7 months now and have come up empty. Nothing that has come on the market seems to meet my criteria, and I would ultimately end up paying around the same per month as I am paying in rent right now if I bought something,which defeats the purpose. 

My landlord, whom I have a good relationship with, offered to sell me the duplex I live in now with owner financing. It is 3 br on one side and 2 br on the other. I would live in the 3 bedroom with my wife and daughter, and rent out the 2 bedroom for $1300-1400. The landlord just put a new roof on and installed new AC units in both units. She payed $350k for it a couple months ago, but said she would probably want $375k for the owner financing deal. With a 4% down payment of $15k, 3.25% interest rate, at a $375k purchase price, my monthly note to her would be $1560. Taxes run around $300/month and insurance is around $260/month. No PMI since owner financed.

Basically If i rented out the 2 bedroom unit for $1400, I would be coming out of pocket every month around $720. This is better than my $1300/month I am paying in rent now, but should I wait and see if something else comes on the market where I only have to come out of pocket $200-300/month?

Please let me know your thoughts.