My Plan: Am I Analyzing this properly?

[Nicholas Daniels]

Hey guys! I'm currently a junior in college (20 years old) and have been researching real estate since I was a Freshman. I've been inspired by a lot from reading answers on here, so I decided to make an account that way I can ask specific questions relevant to my situation. 

Alright, this is kind of a two-question post. 

1) Review my plan

2) Am I doing my analysis correctly?

1) Okay so as I said, I'm currently a Junior in college. I have no debt. My credit score is currently 727. I maxed out my Roth IRA at 19 years old and will do so again each year going forward in 2020, 2021, etc (I currently have $6000 in there; maxed out one time). I have $2,600 of Disney stock, $5,200 of Altria stock. I have $7400 in an ETF, this will be liquidated to max out my Roth next year leaving, with the rest open for whatever. I'll realistically earn around 6-8k this summer (2020). I could probably bump that up 8-10 if I bust my *** doing 50-60 hours a week.

Alright, so I plan on purchasing my first rental ~6 months after I graduate. I'll be 21 years old when I graduate, 6 months later I'll be 22. Based on my assets above I'll have roughly $10,200 dollars to invest in real estate when I graduate (2,600 (liquidate Disney stock+5,200 (liquidate Altria stock)+1400 (after conversion of etf into Roth IRA) +7000 roughly how much I'll earn this summer) -6000 (maxing out Roth in 2020).

Alright (sorry to ramble, I'm just trying to paint a clear picture of where I'm at. 

Okay, so that's my assets when I Graduate. I'm estimating my income will be ~$50,000 when I graduate. I'm willing to work 80 hours a week or more in order to make that happen if my job out of college only pays ~$40,000 I don't mind sacrificing my weekends to make more money. Based on my research I can get a loan with less than 2 years of work experience as long as my job is somewhat related to my major. I believe they need to see ~6 months of income, hence why I'm starting 6 months after and not the second I graduate. 

Okay, so if I'm earning roughly ~$50,000 a year. I'm assuming in 6 months I can save ~$12k. I'm a minimalist and I don't buy a lot, my main expense will be month to month rent somewhere. I'm assuming I can save ~50% of my gross income. 50k/2(.5) =~12,500. If I add this to the ~10,200 I have after college, I'll have a total of ~22,700 to invest in real estate. 

My current plan is to use an FHA loan and purchase a multifamily rental property (duplex, triplex, or quadplex). Most likely I'll do a duplex but have a friend or someone rent a room in an attempt to completely cover all expenses and live rent-free. Even if I'm unable to live rent-free, I figure I can still leave cheaper than I would be paying an entire mortgage or renting a place. I'm assuming my first place will cost me roughly $140,000- $170,000.

My goal would be to pay the equity down to 25% within a year, which is perfectly doable in my opinion. Let's say I purchase a $150,000 property with an FHA loan 3.5% down ($5,250). Then I dump my entire ~19,000 savings into the property for a year of income that would get it down to $125,750. I'd still have ~16,000 left after purchasing the property, repairs and closing costs 22,700-5,250-1500-5000 = 10,950. I would dump this into the property so that I would get the loan down to roughly ~114,800. This doesn't include amortization but I'm not sure what that would be. But it would be enough to get me to my 25% equity, which I'm already near not even including rent I'm charging or an even higher savings rate with potentially no rent. 114,800/150,000 (100) = 76% meaning my equity would be roughly where the 25% requirement is to refinance to a conventional loan.

I would then convert this loan to a conventional loan. Would this get rid of PMI or MI or how does that work? I haven't found a clear answer. But after I convert it to a conventional loan I would repeat the process with another FHA loan multifamily. Essentially I'd be gaining experience without having to risk as much as usual because I'd learn the game from the inside out.

Alright, so that's my plan roughly. But as they say, everyone's got one till they get punched in the face. 

Okay, so now I'll run my analysis of a property and maybe you can point out if I'm doing it wrong. 

2) 

Alright, so I've got a property I've found for $150,000. For the sake of this, I'm not going to do it when I'm living there, I doubt I'll be able to cash flow with me occupying a unit. So I was wondering if someone could show me how to calculate the ROI, Cash-on-cash and cash flow. Are there any other metrics I should look at to analyze a deal? Do these three numbers I should look at before purchasing a property (what is Cap Rate)? I'll give all the numbers I have and some questions for numbers I don't.
This property meets the 1% rule.

Property price: $150,000

Downpayment (FHA): $5,250

Fixing up the property: $5,000 

Interest rate 3.6% 30 years fixed: 150,000-5250=144,750 (3.6%) = $5,211/yr

Rent: unit 1: $1000/month Unit 2: $750/mo (I found a property like this): $1,750/mo total rent or 21,000/yr

Closing Costs: $1500 

MIP (paid upfront) at 1.75% of the cost (is this too high?): 150,000 (1.75%) = 2625

PM:?

Appreciation: ~4% (a little higher than inflation)

Should I assume a certain vacancy rate, capital expenditure, etc?: 

Lastly, I'm not that good of a handyman. I can't fix things like electrics, roofs, or any other serious repairs. I was curious about what are some things I should avoid having to fix (the bones of the house) such as foundation, water heater, etc? Because I don't want to have to fix anything major, so what should I look out for? 

I'm also not sure if I should replace water heaters with electric water heaters? They're more efficient and can lower electric bills fairly significantly.

Alright, that's all. Sorry if I'm rambling I just have a LOT of questions.