1. HOUSING:Maintenance and Repairs: $12,284.69Taxes: $3342.67Utilities: $3117.23Insurance: $2692.56Lot Rent: $290.00Umbrella Insurance: $191.00TOTAL: $21,918.15 ($1800 a month with no mortgage!)
Renting full-time yields only $10,200 a year in income and obviously is not as lucrative. It might not even cover the carrying cost of that half of the property! (which tells me the property is overpriced, which is why I declined to buy it when it was on the market for $220,000 a couple of years back).
But even assuming you pay $656 a month, over ten years, that is $78,720 which is a lot of money until you realize the "free-standing" $350,000 home cost you a whopping $278,640 in monthly expenses over the same period. Since the tax deductions and paydown on the mortgage are the same for both houses, you can nitpick on these items, but it doesn't affect the overall outcome.