Closed on my first property! 3-Plex on FHA 3.5% Down

[Gerardo Lozano]

Hello All!

I'm exited to share my experience on buying my first property!
I had actually lost the house on the bidding process AFTER I had signed the contract myself. Luckily for me the other guy's financing didn't come through and it came back on the market for a total of 2 days, on that time the house had 5 showings. There is currently zero inventory for multifam in the Chicago NW Suburbs.
House was listed for $410k, we settled for $397k - $5k for my closing costs.
The property is in top shape other than wood sidings needing paint & 2 aged but working HVACs. Great living property, good neighborhood/schools, 1 min walk distance to train. Built in 1986, 3500 sqft + 700 sqft basement, just under .25 acre lot. 
There's a 3 Bed 2 Bath "Owner's unit", pretty much a full house with basement, high ceiling, den living, dining, open kitchen. On the left side there's an adjacent dupex 2 Bed 1 Bath ea. One great thing about the property is the LT tenants. 16 years on the 3BR, 11 years on the 2BR. I would be living on the first floor of the duplex.

Rents are at $1,500 for the 3BR; $980 for the 2BR, tenants pay all utilities but trash ($680 yr). $8300 property tax.

My big concern is cashflow, or the lack thereof. PMI, Interest, Principal, Tax, Insurance & Trash comes down to about $3080. So that's a full $600 short that would be "my rent" which is not too bad. However all maintenance, repairs, vacancy, cap ex., landscaping/snow, would also come out my pocket.

If I were to rent out my unit for $1000 and get a property manager this would for sure be negative. I am very happy with it, mainly because it'll be a soft intro into being a landlord, however I do feel I would need to do much better on future acquisitions to actually make a profit or I'll be stuck. What do you all think?

Thanks!
Jerry