Buying 4-unit Rental Property with 3.5% down

[Brendan Finney]

Hello, 

I am 23yrs old & currently saving money to purchase my first rental property using an FHA loan. I have a few years to go but I have been doing research for a few months now and want to be fully prepared before jumping in. I am wondering a few things below. Thank you!

- Where can I find an accurate mortgage calculator to find out my estimated monthly mortgage costs + insurance?

- What are the most important methods/metrics I should be focusing on to evaluate an investment with this amount of debt? (96.5% leverage) 

- is using an FHA loan a realistic option in such a competitive / expensive market such as Boston?

- How much of the purchase price do I really need to have saved up? i.e if the home is $1M I have to put down 35k plus costing costs, but how much should I really have saved?

- What is the minimum required annual income to qualify for this loan program? Again, say if I would like to purchase a million dollar home using the FHA program, what would my minimum annual income need to be?

I appreciate any help. 

Best,

Brendan