Sounds like my future in 6 months or so. If you can, consider a purchase of a multi family (duplex/triplex/quadplex) if you're looking for an investment property to buy as a first time home buyer. They may cost a bit more but it's easier to supplement your mortgage and have positive cash flow right off the bat.
I have several properties- the multi families are my money makers, while the SFRs I break even on. If you're looking for cash flow, the more units the better to offset mortgage payments and still keep you ahead of the power curve if a unit is vacant for a month or two.
$6500-7k closing costs look fairly standard. Definitely negotiate the seller paying your closing into the deal, even if that means offering them full price.
Don't worry about the total amount of interest paid, because you're leveraging other people's money (the rents) to pay the loan and force savings/equity for you.
If you want to have an idea of what you've got to work with, ask the bank for a pre-qual letter to give you an idea of what you could afford.
As much as people make it out to be easy, investing in real estate can be stressful and requires effort and attention. Something always breaks, and you're always investing money into your properties (to force appreciation or leverage funds to purchase a new one). It's definitely a long term game, but is very playable as long as you don't try to overextend yourself too much and make smart purchases. People will always need a place to live.
