26 Bowie Pl is a 4 bedroom, 2.5 bath single family detached home in the Liberty tract in the Independence section of West Irvine. Click the picture below for a closer view.

There are three main floor plans in the Liberty tract and at 1,755 square feet, 26 Bowie is the middle plan.

There are two other Plan 2's on the market that are in the Accepting Backup Offers status:

111 Confederation – Listed at $571,700

31 Halifax – Listed at $549,000

As far as Plan 2 Closed Sales, I found these:

9/23/11 155 Church Place $585,000

9/19/11 162 Church Place $585,000

Given the actual closed sales and the status of the two accepting backup offers, I'll use a price of $570k for the analysis.

Purchase Price	$570,000
Closing costs	$17,100	3%
Total price	$587,100
Down payment	$131,100	20%
Loan Amount / Percentage Of Price	$456,000	80%
Interest Rate / Period (months)	4.00%	360
	Monthly	Yearly
Mortgage Payment	$2,177	$26,124
Interest Component	$1,520	$18,240
Property Tax	$503	$6,039	1.06%
Special Assessments	$96	$1,147	0.20%
Effective Tax rate			1.26%
Insurance	$50	$600
HOA 1	$0	$0
HOA 2	$0	$0
Cash Out	$2,826	$33,910

There are some possible adjustments that may apply to your situation. Be sure to also consider how long you may own the property (average is around 6 years), what kind of financing you actually qualify for, how much you put down, the effect of giving up the standard deduction, potential price declines, costs to sell the property, etc. The NY Times Buy or Rent calculator is a great tool that helps with some of these.

Possible Adjustments
Interest paid		$18,240
Property tax		$6,039
Total deductible		$24,279
Tax benefit	$506	$6,070	25%
Opportunity cost of down payment	-$219	-$2,622	2%
Principal paid in mortgage payment	$657	-$7,884

What do these Plan 2s rent for? I didn't find any recent closed leases for Plan 2s. There is a Plan 3 (~2000 sq ft) at 27 Halifax which is asking $2650/month.

Would you buy 26 Bowie for $570k or rent it for $2650/month?