BRRRR FHA new development in Blacksburg Virginia?

[Tre Rea]

So there is some new development in Blacksburg Virginia(collage town Virginia tech) Townhomes are starting at 370k single family, these are luxury quality homes. My question to you guys is do you think this would be a bad first investment? Yes it would be my first home/ investment property I make enough money with my day job to pay for the mortgage and not be just scraping by, In my mind it would be a good for equity building, after a year of FHA I'd rent out the home, and use that equity for a 1031 and get a bigger and better property. It's a college town full of rich kids with rich parents so I don't think think finding a tenant would be too hard if they are screened correctly. 370k seems steep But I think it would be good for cash flow and equity building in the years to come. Stateson homes is the builder. Let me know what your opinions are on it. Thanks!