Geld lenen Lelystad

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Note: This came in as a comment, but we thought it would generate more feedback if we turned it into a full post:

Hi all,

I need some help crunching some numbers. I was looking at buying a condo for $400K and wanted to see if it was really as profitable as some have said. I am engaged at the moment and plan to start a family five years from now, so this home purchase is for building up equity for the next home, where I plan to stay for a long time. So keep in mind that this first purchase is purely for profit.
Heres a list of additional costs for me (Yearly):
Mortgage Payment ($2,200) - Rent ($1,600) = $600 / month = $7,200
Property Tax (1.5%??) = $6,000
HOA ($200 / month) = $2,400
Maintenance = ??
Insurance = $1,200

Here is a list of the benefits: (The amounts are taken from the Mortgage Payment calculator on Yahoo’s finance page for a $400K loan with $50K down)
Income Tax Savings ( 1/3 of Loan Interest ) $21,000 / 3 = $7,000
Paying Down Principal: (~$300 a month) = $4,800

After three years, this house would probably be sold for $449K assumming 4% YOY. The realtor’s cut (6%) would be $27K. That leaves $22K. If I take into account the extra costs and the savings above, which adds up to -$5,000 a year, the profit is fairly low... about $7K. $7K in three years??? Are my calculations incorrect?

Any assistance anyone can offer would be very much appreciated. Please let me know if any of my estimates are inaccurate.