Depends... how much are you going to pay him? Is he hourly or salaried? Are you paying him less because he's living there and he's getting a discount? If he lived off-site paying his own rent, would you be paying him more? Is he being paid for his time on call?
Even at minimum wage, he's making $1,160 a month pre-tax. Based on your rent, if you gave it to him for free, he'd be costing you an additional $5.53 an hour, and that's just for the 160 hours a month he's scheduled to work, not counting the weekend and after hour on call schedules.
It all depends on what you're planning on paying him, what you're doing with his on call time he's required to put in and what the going rate for a handyman in your area is.