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Yup. The place we bought last year was very very cheap, but "too hard". Noone wanted to fix it, and it was for sale for more than a year to prove it. Now it is a really gorgeous little cottage worth thrice the price we paid for it and would rent for twice our *combined* mortgage payments. My...

I have to admit I'm probably 'greedy' as we're entirely in this thing for the money. I get to embark on a quest for a tenant next week, which is not the way it should be, but its money. Money is useful stuff, and with the asking rent on the place being over twice the P&I mortgage, it should work...

$80k x 4 is $320k. That 400k house is 5x income. I was on $18k when I bought my first house for $40k, but then graduated and got a $35k job a few weeks later (yes, I bought my first house when I was still a student at uni - I'd saved a $13k deposit in a year on that $18k income, go figure)...