I don't think this a good analysis of the cashflows. My rent for a similar asset, lets say a 1k sq/ft 3 bed SFH, would have to be significantly cheaper since my house can appreciate in value while sticking to a fixed mortgage who's effective costs go down due to inflation not including that my landlord is going to (if smart) increase my rent each year. This situation is highly unlikely due to the fact that the person who owns the asset is likely using leverage and thus needs to make money to cover their costs which if anything are going to be higher than mine since the cost of capital for a 30 year mortgage on a 2nd home is always higher than primary residences.
Have you ever paid for a new roof, furnace, A/C, paint, etc? Maintenance on a house is expensive. If the value of your home is mostly in the value of the house and not the land, then maintenance is usually 2-5% of the value yearly.
Our total cost of our house monthly is over twice the mortgage when you include insurance, taxes, garbage, water/sewer, and maintenance (~$5000) and I can do most things like fixing minor electrical or plumbing myself.
