I recommend checking out my "Can I Househack in NYC" Youtube video (YT channel: ClosedByMo)Great that you're thinking of using FHA (it's what I used as well), with a commute time of 30-40 min, it helps us narrow down areas in Brooklyn, Queens, and Bronx - depending on what your long term goals are (just buy & hold, sell in a few years, hold/refinance/buy again, etc.) 

Narrow your search.

There are so many moving variables and arbitrary numbers going around you really have to narrow down your buy box and plans.

Couple comments:1. 6' separation, especially with two story buildings, feels very narrow in real life. 

And if I can get quality renters.Also charlotte NC or tampas FLBut feeling like I am all over the place and want to narrow down to a a couple good location with ROI preferable more than 10-15% .

I like that we can narrow down our leads but searching with specific criteria such as bedroom count, equity percentage, etc. 

This can help you narrow down where to focus.In general, here are some things to know about the difference in lending on SF (single family) versus MF (multifamily).Single family home: depending on the loan type and property location you have may the following down payment options available to you:0% VA loan (if you are eligible past military service, or close relation to a family member who served)0% USDA loan (must be in a rural area, and have stricter debt ratios than other loans)3% Conventional loan (down payment amount may be higher depending on the debt ratios)3.5% FHA loanMultifamily 2 units:Conventional loans, generally 15% down, unless you qualify for Home Ready 5% down (Fannie Mae product with strict income guidelines.

I am looking to buy my first rental property in the next year or so and trying to narrow in on a location.

I narrowed it down to multiplying the Price to pay for the house and multiply it by .007%.Assuming a $100,000 purchase Price for the house x .007% = a $700 monthly mortgage paymentDoes this seem accurate as far as a Formula goes to figure it out?

Targets the right tenant pool segment - Every property attracts a fairly narrow segment of the total tenant pool population.