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Updated over 13 years ago,
Forget about 2% rule.
Excerpt from the book "573 ways to save money" http://www.amazon.com/573-Ways-Save-Money-times/dp/159921850X
P.S. Would be really curious to know in which states one can rent a 600k house for 1500/mo. In MD, its Baltimore Surroundings, 1500/mo will rent a 3-4 bdr TH that's worth anywhere between 100k-250k.