That’s pretty close to what we have in my office. We are required to be in the office 2-days/week, unless you have a good reason to stay at home (i.e. errands to run, you’re somewhat sick, etc). As long as you don’t abuse it, you can work from home most days.

The only reason we require in-office work is to facilitate collaboration, so we try to schedule most of our important meetings on those days and leave a few hours for people to physically work together.