Without the prospect of capital gains through appreciation, as an investment, it won’t make sense until it gets to the $300,000 range. That’s at 6%, 20% down, 1% tax, 1% maintenance & mgmt expense, that generates about a 5% return with positive cash flow and a 10% return if you can carry the depreciation loss forward against your personal income (wages).
For living in, the $350K number looks about right. However, that add in costs are typically over look by would be owners.
