You are inaccurately double-counting the commission. There is no "entry load" for residential real estate. Also, your analysis excludes the utility value of h

You are inaccurately double-counting the commission. There is no "entry load" for residential real estate. Also, your analysis excludes the utility value of having a roof over your head or tenants paying rent. It basically assumes you buy a house and let it stand vacant to cash in on appreciation. Nobody in their right mind does that.