It is good to look at multiple perspectives. Your math is correct for one year of cash flow which is one component of real estate.

Other components for consideration:
-Depreciation deduction on residential property of that valuation would be $12,000 per year which defers the tax liability on half of the annual income.
-When the tax bill comes due in the form of depreciation recapture it is at a lower rate than income tax (25% vs 37%)
-Annual rent increases bump up cash flow. On the example property Year 2 should be $1,000 higher.
-Appreciation on real estate provides long term capital gains that compound tax deferred until sale.
-Exercising a 1031 exchange can defer the gains even longer.
-As part of an estate, the long term gains become tax free via stepped up basis.
-6% is a low net return on all cash real estate.

You are correct about leverage being a huge factor in real estate returns. Consider the following:
-Real estate leverage is typically for 5-30 years vs weeks or months in options. The long term risk is not the same.
-Typical 75% leverage on real estate turns 3% inflation into 12% capital gains.
-Cash on cash return for the hypothetical investment remains near 6%
-Loan amortization provides additional return in the form of principal reduction.
-Depreciation on the larger amount creates passive losses that more than offset income and in some cases can offset earned income.
-Refinancing after several years provides a tax free return of capital for portfolio expansion.

The first year or two of real estate investing isn't all that impressive. A few years of rent increases followed by a cash out refi, sale or 1031 exchange is eye opening. A third generation of the original capital starts to look like a snowball that was rolled to become the base of a snowman.

The below is typed in a non abrasive, inquisitive font.
I'm curious if the perspective is one of theory or experience. How much time have you spent investing in real estate and/or trading options?