Buying a new construction home for almost retail?

[Richard Williams]

Help!!!! Is there ever an argument for buying a new construction home at near retail?? I have been educating my self for about a year now on investing in real estate, personal finance and business. My day job as an account manager for a HVAC company has exploded and my W2 is going to grow substantially this year, my credit is now almost 800 and I have paid off all of our debt. Now is my moment right? Now is the time I get to use the little bit of money we have saved, our Heloc for our current primary residence and my vast expansive brilliant knowledge of all things u can learn from books about REI..... NOT SO FAST! Wifey has found a brand new neighborhood right on the edge of the town limits (no town taxes), in the absolute PERFECT school district for our kids (2.5 years and 6 months) and on top of that a family friend is the RE Agent selling the neighborhood. Agent is offering us one of the spec homes that they opened the neighborhood with for 49k less then "list", offering 15k closing, bunch of small upgrades and a 60" TV. I already know that at $470,000 (list $519,000) and market rents in the mid to high 2ks this will never be a cash flowing property, I don't foresee a substantial increase in appreciation anytime soon and there is no depreciation or rental pay down because it will be my new primary. That being said it would solve a ton of problems for my family (schools, nice new, wife likes area, closer to family and friends). My current primary was a buy low deal in 09' so it will cash flow north of $500.00 a month after all debt service, cap ex and vacancy allocations and with our W2 incomes we can easily afford the new house and still have a nice life style. Is there such a thing as "Happy Wife, Happy Life" or do I stay the course and make her wait (or divorce me) until we have our rental portfolio started/establish.... what's a good number to get to before we upgrade our primary? (Our goals for REI is/was to pay for college down the road and cash flow at least $2000.00 a month in 5 years) Regardless we have to move before my 2.5 year old starts Kindergarten or pay for private school...... All input is appreciated!