Owner Occupied Duplex

[Grant Bublitz]

Hi 

My closing date of Aug 12 is approaching on an owner occupied (FHA loan) Duplex.

The purchase price was $115K at 3.5%down. The roof was replaced in 2007. The foundation/basement are excellent.

The current tenant has been MTM for 2 years and pays $700/month.
I will sublet a room of my occupied unit for $300.

Mortgage and everything comes to $950 a month and the appraisal came back that i could gross $1400/month in this area when i do rent out both units eventually. At a purchase price of $115K i would like to net $115 per door. I think these numbers can achieve that.

Anything else to consider? I found this to be a near homerun first purchase- which has me a little scared.

Thanks