Cash flow negative but making a profit. I think?

[Antonio Palumbo]

This is my first post so please be bear with me:

 I own a co-op in NY and have been renting it out. The numbers: Mortgage – $1580 Maintenance - $1,462 Sublet Fee - $281 – so it costs me $3325 a month to keep the apartment. I rent it out for $3,150 a month Therefore, to justify the $175 a month loss – I figure as long as I cover Interest/ Maintenance/ sublet fee it works out. I think of the equity as moving money from my bank account to the apartment. (That I can eventually pull out) Yes, I understand that insurance and other miscellaneous items need to be considered, but I want to keep this simple.) The numbers I use so I do not loss sleep at night: Interest on the mortgage - $705 Maintenance - $1,462 Sublet Fee - $281 for a total cost of $2448 Therefore, I make a profit of $702 a month. Am I just deceiving myself?