Pay $930/M as first time investor? Help me analyze this property

[Alejandro Obando]

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Hellow Investors, 

I'm looking to purchase my first property in NYC/NJ utilizing an FHA loan (currently renting in Queens NYC). 

I have not visited the property in person but by the pictures, it seems like it does not need much repair, so I accounted for $10k towards any repairs that do come up. I should also mention that I am an Electrician by trade, so any renovations needed I would be able to accomplish. 

Since I do not have the 20% DP, I do understand that PMI plays a big factor when looking at "Cashflow" or breaking even. When thinking long term, I'm curious to know whether there is a formula or strategy I should consider in order to get rid of the PMI which is $606/M. or how long will it take me to build the 20% equity on the property in order to remove the PMI?  

I do not mind living in a basement ($930/M) for 2 years while renting out the rest of the property, as I build up more capital to purchase my next investment (did not include rental income if basement were to be rented out). 

Any advice or knowledge on how to better analyze properties will be much appreciated. I am constantly learning more about RE and networking in order to become a great investor. 

Thank you all for your input. STAY SAFE AND PROTECT YOURSELF!! 

Alejandro.