Though even assuming the home doesn't appreciate but does cash flow, you still would end up ahead compared to an outright cash purhcase of a car.

The way I proved it (1) her name was spelled differently (comparing id to the name on the housing site - her name is a VERY common name).  

Figure out what you'd pay per month compared to how much you're paying now.

Vis a vi risk reward scenario.. compared to buying on the west coast..

In this business, time is money, so if you're financing this, you will be bleeding money.3)  Those houses will sell, but it often takes them much longer than a comparable property in say, Lakewood, which feeds a great elementary - Lakewood.  

What is the % of the amount of money you are deducting as compared to your income?

The rent price compare to purchase price is really very good.How long are the leases of the tenants?

As an investor event's like this make me stay away from investing within 5 miles.I have decided to open up my search range within an hour out of the city such as Yonkers, Northern NJ, and even a little further.Also as a primer on calculating ARV to compare two properties use this file http://www.biggerpockets.com/files/user/JasonScott/file/estimating-arv by @J Scott

You can use the price they bought it for as a data-point, but it's really secondary to the what data you can find in recent, comparable sales.Hope that helps!

Having both will grant you with more confidence and greater access to necessary information (not to mention saving time, as you will not have to wait for someone else to allow you to view a property or provide comparables as your wife can now carry out such tasks).