I'll break it out for you.Gross Salary: $80,000/yearGross Salary per month: $6,667/monthAfter Tax Salary per month (not including 401k investing (which you should be doing, but I get this is a real estate message board and this concept is not popular): $5,434Purchase Price: $600,000Interest Rate per Calculator: 6.941%Downpayment: 5% or $30,000Financed Amount: $570,000Mortgage: $3,769.67Property Tax: $600Insurance: $125Other Costs (per calculator): $333.33Total Monthly Payment: $4,828/monthAfter Tax Salary - Your New Homes Cost = $5,434 - $4,828 = $606CONGRATULATIONS, you are what is referred to as "house poor." 

You will most likely pay above market rates for the places if the owner is savvy enough.

The area is growing tremendously, both houses are in great school zones.

I would love to help you find a property in Auburn, but I am also interested in investing myself.

Jakes is the Casino,,,,,,,,,,MTM is NOT the way to go, way to much work, if MTM was so great I would do it, 

You'll pay in points but the interest rate is pretty good (9.5%).

I have equity in my duplex that I would like to leverage, but the interest rate on the mortgage is at 2.7% so I don't want to cash out refinance (considering interest rates right now are in the 6-8% range).

The one issue I think I’ll have on my hands is I prefer to house hack again in the same town (appreciation seems to be great along with rental amounts) but I’ll need to refinance my current house hack into a conventional which I doubt is at 20% equity yet since I don’t think I’ll have a valid excuse to have two owner occupied loans in the same town.

This will be an architecturally interesting building on 2+ acres with power gate at the road and fairly long driveway that sets the house out of sight from the road. 

Hello Daphne,It’s great to hear that you’ve caught the real estate investing bug!