There is a difference between "profit" (paper income) and "cash flow". Yes, the rental will not benefit your cash flow. However, due to (1) tax depreciation, (2) eventual appreciation of the property value and (3) gradually increasing rents, you eventually will have a profit.
However, take a step back. What is your purpose in renting it out? Where would you live if you move? Do you need the cash flow, or are you okay with a long-term investment for the property? Are you sure that you can not charge higher rent to have a cash-flow profit?
