Is there an upside to this situation?

[Brian Knox]

Can't sell our residence in MN and are forced to rent it. Cash flow is break-even or slightly negative if I rent it out. Can you help me understand the tax benefits?

Monthly outgo: $840 PITI + $110 Property Management + $50 water bill
Monthly income: $1000

Mortgage remaining: $99,900
Tax assessed value: $115,000

I am feeling terrible about having to rent it out due to the break-even cash flow + the uncertainty of big expenditures.

But will I realize any other of the standard Real Estate benefits?
1) Cash Flow
2) Appreciation
3) Equity
4) Tax advantages

Many thanks. I feel stupid for not knowing how to figure the tax stuff. This would be my second rental property but I am a novice.

Brian in St. Cloud MN