Also, cash flow from the rental needs to cover your mortgage, insurance, and taxes.

They don't pay the same taxes a citizen would pay.

Those are pretty decent numbers.Remember property taxes get re-evaluated every year and can go up every year AND they are kinda high relative to other states.Neighborhoods matter.

If you are taking the tax write off, you are acknowledging you are paying the debt.

You'll need more cushion between your income and debt payments to account for everything else - taxes, insurance, food, living expenses, etc...

There are many tax accountants on Bigger Pockets that can help you with your situation. 

Routine maintenance and unforseen maintenance costs; insurance rates (they are increasing all over), property taxes and vacancy rate.

Once you combine cash flow, appreciation, debt reduction, tax benefits, equity, depreciation, inflation hedge, rental increases over time, etc.

I learned this when I bought 12 new builds for GOZONE tax bene's really nice brick homes in best part of town but values just did not rise enough so by the time i had to change everything out and pay sales commish it was break even at best..

A common mistake in my area is to ignore Hotel Occupancy Tax.