1st timer. looking to invest in a duplex, need advice

[Mike Mercado]

Hey everyone!

my names Mike and I am brand new to the Bigger Pockets forums. I've listened to plenty of podcasts & read a ton of blog posts and I've decided to start house hacking.

I am currently in the Navy and I will be based in Pensacola, Florida starting mid May. What I want is to find a cheap 3 bedroom duplex and buy it outright. From there I wanted to live in one half of the duplex while im renting out the second room on my side for $500 to one of my fellow Navy men that will be looking for housing once we arrive at the base. Ive looked at the comps in the area and for a 1 bedroom they go for around $700 so that's what I would rent out the other half of the duplex for.

My goal numbers would be as followed:

$40-$50k for a 3 bedroom duplex (possibly even less if we can find one in great condition)

$500 rent on my half of the duplex

$700 for the other half

$1200 Gross income

I have yet to figure out the property taxes, insurance and all the other expenses yet but this is the point we're at now. does this seem like a good plan? any advice? any comments, concerns or helpful advice would be incredibly appreciated. thanks! 

[Mike Mercado]

@Adam Schroeter I work in the medical field so I'll be based at the Naval Hospital Pensacola, so looking for duplexes nearby 

@Arianne L. what's the price range? ive only found one on that site listen at $84k

@Jeffrey Stacy I'll be stationed for 2 years and then I will either rent out the other half of the property or use the 1031 to get myself into bigger property down the line 

@William Allen that's definitely the plan! my back up is just to find a 3 bedroom single family and rent out all the rooms to fellow men in the navy. we'll see how it all goes :)

thanks for all the responses guys!