You don't want to lose your rate on the house you are living in now unless you want to sell it so since that is an owner-occupied, you need to stay there and save up the 20 percent for the second property based on what you said.

Obviously tough to give advice based on minimal info and no info on your personal situation.

Quote from @Dean Harris: @Mike SferaThis is a great question and one I get from our client base often here in Memphis, TN.

I do not personally use him based soley on the fact that the firm is virtual.

The company is based out of Sicklerville, NJ but also works in Philadelphia, where he was born and raised. 

It would likely be comparable to what you pay in the NE.Just google "Lexington County tax estimator" or whatever county you're interested in and you'll usually find a web tool from the County you can use to estimate the tax bill based on the previous year's assessments.There is also a law called the ATI tax exemption that can potentially lower than 6% rate by 25%.

I paid for the subscription for a few months and drew my own custom Google maps areas and color coded them red/yellow/green based on a "grade" I felt came from a few metrics like crime/average household income/etcI also really like realtors dot com new maps, if you search for an address and click on the map and then go to the top left and choose the Value slider it will give you a nice color coded map of which areas of a neighborhood are higher valued.

Or a seller finance calculator showing the monthly payment based on negotiated price, interest rate, down payment, etc.

 @Deepak Malhotra based on your sales price, I assume this was also sold many years ago.

Look at all of the costs and then all of the revenue and make a decision based on that.