Am I confusing myself or it's true that we will never break even with this S5 miner?
I have a space which rents is 180USD/month, including 13 Amps, 220 Volts; Which I consider is the cheapest place I could rent for mining at this moment.
This is my calculation:

Unless BTC priced at 430+, else we would't be profitable at all.
Correct me if I am wrong please.
Its even worst that you think as you have no difficulty increases figured in on your annual number. It looking like a 13% increase just the next one in 7 days
Edit: on the bright side your cost for electric is better than most as long as you use it all. eg 2800 watts which would be about 4 miners