If you account for tax deduction, then you also have to consider the Standard deduction (for couples,it is $10700) you lost by itemize.

If you are a couple and make about 110K (about what would be needed to qualify to buy this property) then you would already have a state tax burden of about $7000. Throw in some charitable donations and other itemized deductions equal to about 2.5% of your income and you’ll hit or be really close to the standard deduction before you even consider prop tax and mortgage interest.

The tax deduction usually goes away after 20 years (for 30 year loan) or 10 years for 15 year loan, because the standard deduction is adjusted (up) for inflation.

But rents also increase over a 10 year period. So your tax benefit starts to decline over a decade, but after 10 years what will rents be ?