your calculations are correct. I know exactly the homes you guys are looking at. we did the same calculations and it was very similar. let me put in this senario.
same time next year, these homes are $600,000. assuming all other variables are the same, you can go in zero down and pay the same monthly. in fact, with your income bracket, you want to go in zero down.
at the same time, you still have $140,000 + in the bank. you wait until the true bottom in 2009-2010 and use that $140,000, split into 2, and purchase 2 $350,000 properties at 20% down. $350,000 at that time would probably get you a detached condo ~1,500 sqft, which would get ~$2,400/month in rent each. you can probably brake even or be a bit positive depending on interst rate.
So now you have 3 properties, one the same SFR you are considering, and 2 rental properties to own long term.
