Is it me or.... (rental vs price)

[Daniel Maciag]

Take Ozone Park for example. I saw a house last week for 630k 2bd over 1bd. Running some basic numbers.... (not conservative).

Upfront

5% down + 20k closing = 51.5k out of pocket

Monthly (best case scenario)

- 2944 Equity + Interest (4.25% rate)

- 425 property tax

- 150 insurance

- 250 utilities

- 0 maintenance

Net Total Expense

- 3769

Scenario 1, 2bd rented out, 1bd I live in

Rental Inc (Zillow est.) 

- 2150 *0.67 (income tax) = 1440 assuming 100% occupancy

My portion = 3769 -1440 = 2329 for 1bd.

Scenario 2, 1bd rented out, 2bd I live in

Rental Inc (Zillow est.) 

- 1700 *0.67 (income tax) = 1139 assuming 100% occupancy

My portion = 3769 -1139 = 2630 for 2bd.

Both 2329 and 2630 seem like ridiculous numbers to me. Everywhere else in NYC that is under 600k, is hood, and everywhere under 500k is Brownsville like hood. 

Are these numbers the new norm or are my calc's missing something important, like depreciation tax, per say?