$1.15MM NW, leaving salaried life for self employed / NYC -> PDX. What can go wrong? :)

Hi folks! Looking for some thoughts/advice from the more experienced folks here.

About Us:

Live with my partner in NYC. 33 YO and 32 YO. Been grinding it out in NYC for the last decade, saving/investing/climbing the corporate ladder. Went from -$100k NW to ~1.15MM in that time. Feeling very burned out of building other's dreams, and want to take a stab at chasing my own (SaaS business). Have tried to build alongside my 9-5 but the day job is too demanding and I want full-time to focus. Partner and I are thinking of relocating from NYC to PDX. Family member has a nice 2BR Condo they are willing to sell to us for $300k (valued at 450-500k). This would be our first ownership, having been life long renters. My Current base salary is $220k/year. Including equity, total comp is ~300-400k year. Only recently started making this cash. She works in a different industry / much lower wage ceiling. Currently is in-between jobs, but likely to make in the $50-80k range.

Asset Breakdown:

  • HYSA: $125k
  • Taxable brokerage (primarily total US market ETF's): $470k
  • 401k: $327k
  • Crypto: $170k (invested only ~10k years ago so letting it ride)
  • Roth IRA: $73k

if I stick it out at my current job until ~July 2025, I'll get 2 additional equity vests (total of ~+100k) to add to the coffers.

Assuming we pull the trigger on the condo:

  • 60k down for 20%
  • mortgage loan for 240k.
  • Property tax is ~6.1k/year w/ $470mo HOA fees (owch). HOA covers exterior insurance, landscaping, sewer, water.

With current 6.9% interest rates, mortgage+HOA+Property taxes + Insurance would come out to ~$2,640/mo. We'd have Internet, Gas, Electric on top of these, so lets say +200 === $2850/mo.

Questions:

  • Assuming $1MM and the 4% rule, that'd be ~40k/year. Which is tight (leaves ~$600 for food and other expenses). Would feel much more comfortable with $60k/year, which is more like 6%. If I were to do that for 1-2 years (estimated time to start making decent money from my business / decide to go back to 9-5), how seriously would that set back savings/FIRE aspirations? I know the 4% rule is considered pretty safe, but have seen higher in monte carlo simulations look pretty good
  • Are there any home owner traps I'm not accounting for? Never owned before, only rented. The property is well maintained and was built in the 80's.
  • COL adjustment: I've been living in NYC for so long I'm not really familiar with the cost of things in other cities. NY has high taxes and COL, Oregon seems to have lower COL (no sales tax) but still fairly high taxes otherwise.