We get the CFLs free from our local electric utility.  

Once the stuff is out, if no one in family wants it, they're going to want yo get out fast, especially when utilities start coming due.As long as you approach it with compassion and present it as an option vs.

Different areas have different tax rates, insurance rates and utility who pays.   

Are your utility estimates only for your common utilities?  

There is not enough numbers there to give you an answer - but you will probably be paying 400 in mortgage, then taxes( looks like probably 200/m), water, sewer, maintenance, insurance, utilities. throwing a rough number out there i would say you probably would have about $900 / m in expenses, so you could make $400 / m. can always try and negotiate a little lower to make a little more.

- it's always good to see another Hoosier utilizing this great site!

I'm now down to $240 for the entire job I get to keep to feed my family, pay my mortgage, pay my utilities.    

Go for an owner occupied financing deal first, but only after building up enough cash reserves to sustain both propertiesDoes that sound about right?

That is good that you are on city utilities.

I also utilize a self-directed 401K and at times use private investors or hard money.