Analysis of First Deal 4 Unit, 2 House Property

[Jeff F.]

Hi Everyone

I've been reading BP on an off for a few years, and finally took the plunge and joined a few weeks ago. My goals at this point are strictly cash-flow investing, and am looking to house hack for a few years as I'm single and have very low expenses. Here's my first analysis of a 4 unit, 2 house property. I will be living in one unit and renting out the other 3. Each Unit is 1 bed, 1 bath and the roof on the property is 3-5 years old. 

(I'm probably a bit late to the game but I'm under contract already and just wanted to check and make sure that I ran the numbers correctly)

Price: 220k

Rents: 600 Per unit (2400/mo without me, 1800/mo with me)

Mortgage: ~1250

Insurance: 185/mo, 2200/Year

Taxes: 125/mo, 1500/Year

Est Monthly Payment (PITI): ~1575

Utilities: Owner pays Water/Sewer/Trash (avg 150/mo in 2014), Tenant pays lights, gas, heat

Vacancy: (5%) 90/mo, 1,080/Year

Maintainence: (10%) 240 

I will be managing it myself while I'm living there

Expenses: 1575+90+240 = 2,055

Rent = 1800 while I'm living there, 2400 while Im not

Cash flow while im living there: (255)

Cash flow after I move out: $345/mo

Down payment: 7700 (FHA Loan)

I Plan on staying here at least one year to satisfy the FHA requirements and then will be looking for another multi family property to purchase.

After this deal is completed, I will have ~30k set aside (plus whatever I can save over the year, I'd guess about 15k) 

I'm not concerned about the negative cashflow at this point - I've got to live somewhere and I consider the $255 my "rent" for the year while building equity. 

Any thoughts/advice would be appreciated. I think I can raise the rents by at least 25/unit/mo to 625, and a gross monthly rent of 2500. With a bit of improvements and a rent increase over the time Im living in it (I enjoy this type of work in my spare time) I think I'll be able to add a bit of value to it and maybe get out of the FHA so that I can use it again.

Thanks.