I did it all the time and it helped me grow my business into a self-sustaining team. 

A property that was purchased too high will test the waters in the landlords bank account as opposed to being self sustained for a bad moment.

That's not a problem,  but sometimes it's not sustainable for that area/building without massive turnovers.  

My property is only a few minutes from a UMASS Memorial Campus and I’m wondering if there is a sustainable demand for traveling nurses in that area, and also if I could build a structure with a VA to be able to eventually vet tenants and take care of more of the back end once I establish my processes and write up the sop’s 🤔.

My very first rentals in Williamsburg Virginia resulted in this when I didn’t think the prices could be sustained vs rents.

Interest rates as low as they have been were an aberration that probably weren't sustainable long term.

Because you are going to live in one (required owner occupancy), but also because the FHA is accounting for vacancies.Lastly, you divide the total monthly payment / the fair market value of all rents.If the value you get by that calculation is < 100%, you will qualify for the loanIf the value you get by that calculation is > 100%, you DO NOT qualify for the loanThe property needs to be able to sustain itself.

That's not really a sustainable business plan, though.

From your numbers, you are paying more than 1% of the gross rents which over a sustained period of time and multiple investments, typically does not equate to cash flow.

Newer and bigger will take you out to the suburbs and country/smaller towns outside of Austin, for more square footage.As Eric points out, you stand to gain some appreciation on the home you ultimately buy, since the Austin metro is well positioned for sustained growth over the next couple of years.