Is this owner-occupy option feasible? Warning-high market prices

[Casey Mac]

Looking at a (FSBO) semi-detached duplex property, 4-floors, each unit has 2BR, 1BTH, WSHR/DRYR in both, all-inclusive, currently both are occupied ($1500 and $1400).

I would look to buy with roughly 5% down (save and invest the remainder of cash flow for repairs and emergency fund). I would live in the more expensive unit and update/repair.

Mortgage would be approximately $2200 and expenses could be another $1000, total $3200/month.

Is this feasible? A good idea? This is in a major city in Canada in a pretty hip/hot area. The neighbouring house sold for $480k last year and it is not divided into a duplex. Is posting the ad acceptable or more helpful here?

Also newbie to the forums, not the podcasts however. 

RE in major cities up here is pretty different from what I have read on these forums ... hopefully there is some useful information.

Keywords: Canada, Toronto, Vancouver, Ottawa, Halifax, Montreal, Calgary, Owner Occupy Occupied