Am I Thinking About This House Hack the Right Way?

Hey everyone,

I’m 23, working full-time, and looking to house hack my first property in Fayetteville, Arkansas. I’ve already been pre-approved and am actively looking at duplexes. 

Here’s my one non-negotiable: I don’t want to pay more monthly than my tenant

In other words, if I live in one unit and rent the other, my out-of-pocket housing cost should be equal to or less than what my tenant pays. I understand I’ll take on risk (mortgage, maintenance, etc.), but I’m okay with that if the numbers work.

So far, I’ve identified a couple of properties in the $310K–$325K range that could work if I negotiate them down. I'm running the math carefully using FHA loan terms (~6.75%, 3.5% down), and I'm trying not to let emotion get in the way. If it doesn't beat my tenant's rent, I walk.

My plan is:

1. Find 3–5 good properties.

2. Run the numbers.

3. Offer only if it meets my criteria.

4. Stick to my numbers — no budging.

Does this approach make sense? Would love feedback from those who’ve walked this road already.

Thanks in advance!