House Hacking in Manhattan

[Andrew Northcutt]

Hi everyone, 

I currently rent and live in Manhattan. I am looking to get into real estate investing and was mostly focused on out of state investing. However, it occurred to me that I could afford the purchase price of an apartment with an FHA loan.

There have been many discussions of this regarding queens, the Bronx, and Brooklyn, but haven't seen one about Manhattan. Has anyone / anyone you know pulled this off successfully? 

Also, how would I need to adjust my expenses from out of state/cheaper cost of living to Manhattan? For instance, I assumed 10% for PM, 1 month vacancy, ~7% for maintenance and repairs, etc.