Accounting - Income Statement Question

[Justin Klein]

Accounting Question for you CPAs.

So I recently purchased a rental unit and am just starting out.  I have one asset (single family home).  I do not use any accounting software at the moment as it is just one unit.  It may be easier if someone had a basic example they could share but here is my Income Statement question.

Revenue is clear as that is just your rental income or other revenue generators but I don't have anything else.  

Expenses Example:  For simplistic purposes let's say the house cost $100K.  I put $25K as a down payment. The monthly mortgage payment is $500 a month.  $300 or repairs and maintenance.

My current assumptions: 

- The $25k down payment is not an income statement expense as that is capital investment and would hit the balance sheet.

- The $75k remaining on the house is also just a PP&E item in the balance sheet that gets reduced by depreciation over time.

- The $300 of repairs and maintenance should be expensed.

- The $500 should be split into 1) Principal ($300), 2) Mortgage Interest ($150), 3) Escrow/Taxes & Insurance ($50).

- I assume the $300 of principal would only impact the balance sheet and not the income statement.

- I think the Mortgage Interest $150 and Escrow/Taxes & Insurance of $50 would be on the Income Statement as they are expenses that are not capital in nature?

Am I missing something here? What other basic income statement items should I be considering as it relates to the house (asset) purchase?