Rent Vs Buy: Blouberg - "Expected" excellent buy

Here's a (by the looks of it) newly completed 2 bedroom apartment in Blouberg on sale for R1 095 000 with an "expected" gross rental of R5 000 a month. With a 100% bond the difference between the bond payments and the rent is almost double the rental itself. Here's the payment and yield graph:






So less than 5.5% return on investment if you pay in cash and 65% downpayment required to break even on cash flow. Even with a 50% downpayment (over R500 000) you still need close to 2.5% capital appreciation required not to lose any money.