Mortgage Down payment assistance question / First house hack

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Hi, 

I've been listening to BP for about a year now, following in the footsteps of almost everyone and picked up Rich Dad Poor Dad (but first time poster! ) So, for the most part I've just been trying to arm myself with knowledge especially since we are probably looking at near peak market. 

I would love some advice on my current status. I will be graduating in May and taking on a full time position as an engineer at a semiconductor company in Chandler AZ. I'm in the early stages of signing a lease for an apartment at 1042 a month. (I know this is very expensive). If I had my choice I would be in something much less expensive but I have a girlfriend in Chandler who would not be too happy ;)

I just found this deal so if some numbers are a little hand wavey I apologize.

I found a duplex listed at 300k. The 2nd unit is technically a guest house with an exterior entrance which I would intend to rent out. Its near a college campus so I estimate the studio would rent for 

$700 - $1000 

SO following the 2% marker this falls apart - unless I could buy this prop at 1/3 what its listed at. 

100k @ 2% = $2000. I think 2k a month would be reasonable.  I only add this because down the road in 5 years I may move and I want to make sure the numbers are right. 

So I understand that this does not hold up - but should I still consider making a low offer (~200k) ?

The reason I ask is because I see the following upsides: renter income, I'm paying into something I own, and I anticipate that I would pay less monthly than I  would for the apartment.

Also, 

I came across some AZ incentive programs that bundle a down payment into the mortgage so there are no up front costs AND programs that wave down payments: 

http://www.arizonadownpaymentassistance.com/down-p...

So, If the down payment was waved or bundled, I wouldn't have capital tied up in the property in the event we are at peak market and this property does not appreciate and I can't use the BRRR method.

Last thing I'd like to note - I realize how 2005 RE bubble this incentive program sounds and it scares me as well - should I just hang on the side lines and anticipate housing to drop?

Thanks, 

Dalton

[Doug McVinua]

@Erik Larson We have done private money on distressed properties and then converted the same property to long-term financing more than once for buy and hold clients. It can work out very well. It has some risk/reward involved generally as does most all hard money.

I like your SW Chandler older home flip concept. That area is super popular and the demand is generally high for sharp properties.