First Timer Home Buyer - Looking at a duplex

[Yvette Chung]

Hello all -

I am a first time home buyer with no experience in RE other than knowledge acquired from my lurking on BP. I decided that my first step should be to find a duplex or small MFH to "house hack", as I am currently renting. 

I have looked at many houses in the Philadelphia area but many of the places I have gone to were no areas in which I am comfortable living in. Finally I have located a property that I would feel very comfortable living in but of course it comes with a premium. I am thinking that it's ok to get this property but again, I am really nervous about this. 

Here is the property details:

Duplex - 2bed/1bath each

Each apartment can rent for ~$1100 as it stands

Real Estate taxes: $3100 per year 

Owner pays water and sewer - which averages to about $100 per month

Price of the Property is $272K.

In a B/B+ area, stable renters and vacancy rate should not be too much of an issue.

Currently I pay $800 in rent in a different area. If i go through with this i would occupy one unit but eventually will move elsewhere and the plan is to rent them both out.

Can you please let me know what you think? Am I close to making a financially stupid mistake?

Thank you!