PITI projections vs real after tax income

[Walt B Philip]

I'm trying to calculate my expected real profit vs the basic formula and seeing income tax taking a hefty chunk out. Is this right? Can you please correct me where I'm wrong? Simple numbers for sake of conversation below, leaving off CAPEX/vacancies:

Rental property price: 500,000

Down payment: 100,000

Taxes: $14,000 year

PITI: $3,000mo / $36K annual

Rent roll: $5K monthly / $60,000 annual

Expected profit: $24,000

But in reality the tax rate of 24% will be applied towards taxable income. Deductions applied:

Taxes: $10,000

Interest: $12,000

Depreciation: $10,000 (optimistically)

Thus income tax is: 0.24 x 28,000 = $6,700

Real profit: rent roll - PITI - income tax

SO: 60,000 - 36,000 - 6,700 = 17,300

So ROI goes from calculated 24% to 17%

Does anyone else see a flaw in this reasoning? 17% is still very good but the income tax is quite a drag. Is this the right general way to understand things?

I sincerely appreciate whatever insight you have.