Have you checked with a good mortgage broker to double-check on your affordability?

How do you calculate the maximum you can/want to afford?

I am located in the northeast but looking to move to somewhere more affordable in the near future..

I currently have my own place I live in for free from family, so I can afford the mortgage on the single family I want to buy but don't know what type of loan to get that would allow me to rent it out without having to live in it for a year?

This market cooling has afforded home buyers and investors the boon of opportunity.

Your debt-to-income ratio, as well as how much you can put down for a down payment/closing costs will largely dictate what you are able to afford.

I want to avoid the break up and she moves out and he stays and can't really afford the apartment? 

If your numbers are accurate, you are far below market and if they are related to the previous owner, it's doubtful they can afford market rent, though you could have a conversation and ask them as a courtesy.

This will allow you to get a realistic understanding of what you can/can’t afford and a baseline for what you need to do to improve you position and any additional capital to save.  2) Lenders will request the below preliminary information.Name of entity (organizational chart if applicable)Personal Financial Statement (PFS)Schedule of Real Estate Owned for each borrower/guarantor (SREO)Resume/Bio for each borrower/guarantor, if applicableBank statements for verification of depositsLast 2-3 years of tax returnsI recommend using a mortgage broker in your area that is able to connect you with top commercial lenders to get you multiple competitive offers.

When inflation sets in, interest rates tend to rise, making the cost of affordable single family homes even greater.