So why is this a good deal? Wasn’t the 4s Ranch development built during the bubble so it could take a huge hit.

Also, high $400s a month for HOA & Mello! I haven’t seen the property which I’m sure is nice newer construction, but I don’t think the lot is very big. And if I hear one more argument that my payment is close to what rent would be I might just puke because some people just don’t understand that on $500k properties they are giving $100k to the bank, they have insurance and maintenance to pay, and in some cases have Mello and rising HOA over the years.

You should really think about waiting this one out unless it is 20% lower than closed sales in the development the last few months.