There are also benefits that come with condos such as lower repairs and capital improvement expenditures and the fact that they are easier to manage.  

To add to the expenses that Carlos mentioned; repairs, turnover costs, reserves for capital expenditures, fines, fees, property registrations, and administrative expenses like accounting, bank account fees, LLC fees etc.

Fast, free and most of all, safe this site lets your track to-the-dime expenditures letting you really see where your hard earned dollars are being spent.

And on the other any non essential expenditures like take out, booze, movies, nic-nacks, etc.Now add up all your necessaries for a month and subtract your actual take home pay for a month from the necessities.

According the the National Association of Home Builders:The NAHB analysis of the Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics shows that the biggest outlay in the budget of new home buyers is furnishings.

CapEx is expenditures outside of general operating.

And then down the road make the larger expenditure of replacing the windows. 

Have you considered all your costs i.e. insurance, property taxes, vacancy rate, repairs, capital expenditures, pm and in some places landlords have to pay water/sewer?

I would estimate your coc to be 6.3%, which includes $2600 in closing costs (may be more), 10% property management fee and $300 a month set aside for repairs, capital expenditure, and vacancy (though this number is a bit low).Another calculation is irr (internal rate of return).

Even if you include repairs and capital expenditures, that savings would be significant.Now a more expensive home on the other side of town would be a different story.