House hack/ first time investor questions (Florida)

[Ashton Meetoo]

Hey guys! My names Ashton and I’m looking to get into my first property by house hacking. I’m getting a fha loan and would like to get a duplex or triplex. I live in the south Florida area and the properties are a bit pricey but rents are high so the cap rates are pretty strong. My question is, would it be a good idea to start with a $300k property with slightly lower rent ($1,100-$1,300 per unit) or a $400k property with ($1,800- $2,000 per unit). Let’s assume there both duplexes. I will be owner occupying one of the units for the first year. I appreciate any advice you guys can give. Best wishes,

[Melvin List]

@Ashton Meetoo If you are purchasing a Duplex I would also look into Freddie's HomePossible program with only 5% Down. You will avoid the upfront mortgage insurance on the FHA loan and if your credit is strong you can also use a lender paid mortgage insurance option. FHA has more requirements in regards to net rental income versus conventional.