Depreciation = 0 Taxes (Conceivably)??

[Ashton Ferrazzo]

Hello folks!

Can someone tell me if I am thinking of depreciation and write-offs in the correct manner for rental properties? I was trying to envision a scenario where someone could potentially have (close to) $0 tax liability. See my non-professional numbers below:

I was doing a quick on-the-napkin calculation of buying 15 of $100K homes, which would allow for ~$3636 in depreciation on each property per year, ~54K in total tax write-off/income reduction per year. 

Add ~$500/month in expenses (low-end), for a total of $6000/year in expenses per property = $90K taxable income reduction across 15 properties.

Let's say each home has an 80k mortgage with interest of 4.5%. I approximate about $4000 (low-end) interest payments per year for the first several years, per property. $60,000 taxable income reduction.

Add $500/year (low-end?) home insurance deduction per property = $7500 taxable income reduction.

Add $1000/year (low-end) property tax deduction per property (local taxes in Charlotte, NC for 100K home) = $15000 taxable income reduction.

Total tax write-off/reduction = $226K?

Let's assume each property rents for $1300 per month (conservative). Income = $234K.

Someone could potentially be getting taxed only on 8K, which at a 10% tax bracket = a whopping $800 in taxes.

Most likely I am leaving something out - please rip this apart. I probably have no idea what I am talking about. Just trying to see what it might take to be taxed at close to $0?