Please help me analyze this deal

[Juan Rosado]

Greetings everyone.

Currently I am analyzing multiple Duplex properties in the Dallas Fort Worth (DFW) area to buy my first deal via FHA loan and house hack it the first year. I have analyzed over 25 deals using the 50% rule and quite frankly I thought finding a good deal was going to be easier in this market. The properties I analyzed came from the MLS and personally none of them are worth pursing (using the 50% rule). I would like to walk you through my analysis to see if I am doing something wrong with my numbers.

Property: Duplex in San Rafael ST, South of Edgecliff Village in Fort Worth

Asking Price: $155,000

Down Payment (3.5% via FHA): 5,425

Loan Amount: 149,575

Loan Period: 30 yr

Interest Rate: 4.38%

Monthly Mortgage Payment (using BP mortgage calculator): 747.24

Income:

Unit A --> 695

Unit B --> 895

50% Rule:

Cash flow = (Income)*50% - (Monthly Mortgage Payment)

Cash flow = (895) *50% - 747.24 = -299.74*

* This computation was made only leasing unit B and living in unit A (house hack).

A few thoughts regarding this analysis:

1.The schools surrounding the area are below average schools (according to greatschools.org).

2.I am not including the monthly taxes, nor the monthly insurance in my analysis (I have not searched for this information. Is it important in this brief analysis?).

3.The Income information was taken from the MLS. Currently both properties are leased by that amount. If this property were to be a positive cash flow I would greatly consider removing these tenants from the property. I have read that most of evictions are caused by tenants already living in the properties.What are your thoughts on this? Also, should I take the Income information from the MLS or do you think this is not a good source of information (please go to "income" in the above analysis)?