What you may not be taking into consideration here (and many don't) is the fact that when you sell the property you are required to recapture all depreciation and pay taxes on that recaptured depreciation in the tax year you sell the property. Recaptured depreciation also increases your AGI and in some cases can quite easily bump you into the next higher tax bracket.
On top of that, when some types of "other" income outside of social security exceeds a certain thresh hold, then up to a maximum of 85% of your social security becomes taxable too.
