New House Hacker, Need Tips/Reassurance Please!

[Charles Evans]

Good Morning,

So I have always dreamed of getting a duplex as my first house and to house hack to get my foot in the door in real estate investing. My goal was simple: house hack, and after a year browse to hopefully repeat. So now I am 25 and I was finally presented with an opportunity (duplexes are super rare in my area/state btw) I put an offer in and it's looking like it's gonna be accepted!! But this is my first house and I'm starting to get anxious (as all new homeowners might be). 

So I just wanted to present the raw facts, hear everyone's opinions, and obviously gain some knowledge and tips from investors! 

This property is a 2500 sq ft duplex renovated from the studs up 5 years ago. It's being sold for a little under 400k. It currently has a renewed leased tenant for a year @$1400 a month (the owner of the property rented it out to workers at an under-market rate but could easily get $1500-1700). My mortgage would be $2600 total a month, but with the rental income, it would be $1200 from me and $1400 from the tenant. To me, renting an apartment or a "normal house" would cost more and I'm ATLEAST getting rent towards ownership/equity. I make $4200+ a month after taxes plus overtime if I want it. 

So am I crazy for pursuing this? I know this is a higher mortgage, especially for a first house, but does it make sense? I keep thinking about the "what ifs" and everything because I'm a realest... but I know this can and will be a great opportunity for me to get my foot in the door even if I have to tuck my chin and grind for a year. 

Any and ALL comments and advice would be appreciated. Thank you.

[Nathan Gesner]

Quote from @Charles Evans:

You aren't crazy, but you must be honest about the true cost of ownership. You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.

I also recommend you charge market rate, for yourself and the tenant. If your side could rent for $1,400 then that's what you should pay so you have money to set aside and build a reserve. You also need to educate yourself on how to manage an investment property. It involves much more than collecting rent or throwing up a Craigslist ad every blue moon. I see so many new investors that lose thousands, sometimes tens of thousands, every year because they make simple mistakes.