Rental deductions

[John Public]

Guys,

I am trying to figure out my post-tax cash flow from my pre-tax cash flow and other stats on buy and hold properties. How does it work again? Please correct me if this is wrong:

From the net operating income I can deduct...
annual depreciation (cost of property divided by 27.5 years) +
total annual mortgage payment +
total annual insurance payment =
after tax cash flow

Did I miss something that I can deduct... or did I add something that I cannot? I'm still trying to figure out all this rental tax stuff.