Buy or not

[Mohan Kurraa]

I have looked at 2 homes and both are decent to great location.

First one asking price about 560k 2300sqft, rental expected about $2500. Hoa $125 tax is 2%. Even with 5% interest with buy down I am not getting the cash flow 

Second home prices around 450k 2500sqft and rented for $2500 now, 

I am thinking of second home, what is the max I can offer? I am around 405k and hoping to refinance in 1-2 yrs