Portland Oregon Duplex

[Irving Casas]

Hello BPers!

My goal for 5 years has been multifamily investing. 

My friend house hacked his home. I've rented a room from him($700/month) 3 years to keep my expenses low. 

I've been able to save 20% down. I placed on offer on a duplex listed at 400k. I offered 390k and asked for 7k in closing credit. 

The duplex has 2 units. Each unit has 1 bedroom and 1 bathroom, 800 sq/ft per unit. The duplex was built in 1959, in June a new tear off roof was installed. 

With 20% down my PMI would be $1336/month

Property taxes $337/month

Insurance $65/month 

One unit is rented on a month to month basis at $1,025. Landlord(I would) pay for all utilities except electricity. 

My plan is to convert one of the unit's dining rooms into a bedroom. I would live here for 1-2 years. The other room I would rent out at $800 month.

If everything goes according to plan, I would cash flow this property at $87/month. Most importantly I would learn to manage a property and I would not have a rent payment.

What other expenses should I be saving for every month? Any advice would be greatly appreciated!