I house hacked my first place in a fourplex with an FHA in 2009...and that property is still doing awesome, so it can work beautifully. It can make you nervous, but it is also a GREAT way to start to see if this world is for you. Make sure you include the HUGE PMI payment with FHA loan in your PITI calculation, that can make or break a deal. After getting your finances squared away as recommended above, start working with a realtor who has experience in this area (multifamily). They will be invaluable while you do your due diligence on the property. They will get you the current numbers for rents in the property and how long the current leases run. For my quick and dirty analysis of local rent -- I check Rentometer.com and then a Craigslist map to see what is in the area and how long has it been listed. That gets you close to rent numbers. I estimate on the low end for quick fills.
I would estimate on this...assuming the rents you listed are accurate with that list price, you will be close to paying the same as the other renters...about $1000 out of pocket per month on this one. The way I looked at it on my first deal, most of that amount is paying principal, so it goes to your equity, so you are still living free - you get your equity back when you sell (minus selling expenses), the tenant(s') rent pays the interest and expenses and for the upgrades I did. Over time you fix up the other units with some sweat equity and then you eventually cashflow and live in the unit for free if you do it right. It took 2 or 3 years before the other units paid my full mortgage and expenses, then we were living free. When we moved out we rented the unit we lived in...and that was all profit.
I recommend to use a good income property calculator or spreadsheet that includes vacancy and maintenance, etc. Search BP and I am sure you will find a good one for free or on the cheap. I just made my own at the time and it worked out well for me. Look at a bunch of properties and eventually one will stick out as a good deal to you. Good luck.
