Starting out.. buy and hold.. what's a deal?

[Justin H.]

Right now I'm just starting out.

Looking for a duplex to purchase, and finance with NY SONYMA or FHA mortgage.

I work an entry level job at a global bank, so I qualify for all the lower income mortgages, and I am a first time buyer.

I am looking in the Buffalo, NY area.

Right now I need a place to live in half of it, and rent out the other half.

Is there a formula that I can follow to figure out what to offer, or what a deal is?

I'm trying to cover the mortgage with renting out one unit, and myself living in the other side for nothing, but is there more to it than that?

Thanks,
Justin