What you guys may want to do is simply chart out the data. Make an assumption on saving X$ a year in property taxes verses what yout think the depreciation (annual) will be for properties in the target market that you want to buy in. Also don’t forget to factor in your savings on renting verses buying. That is non trivial as is the interest you make on those savings.
The wild card here will be the assumed interest on your mortgage. That will be a factor you will need to play with to play out a few different scenarios.
I know it seems kind of daunting to do at first but really after you start it up, it is not.
Like Bugs said, the biggest question is how far down you think prices will go in the target market you are looking to buy in.
