Well it all depends on how much you spend on everything else.
You need to sit down and figure an honest budget. You need to figure out everything you will spend money on and just total it up.
I do think trying to save/invest 40% of your after tax income is a bit grandiose unless you plan on living like a bum for the most part.
Don't know about the nicer kitchen, but having washer/dryer in house has got to be a necessity...
Check out this link...
How to Determine How Much You Can Pay in Rent
Should help a little...