[TxLnghrn]

Captain,

I'd go back to accounting class.
If you expense your depreciation, you cannot compare the sale price to the original asset price plus the depreciation expense. The way you are demonstrating the math, the depreciation is being counted twice.
If you are going to depreciate 12k off the asset (way too high, but for the sake of argument I'll give it to you). You would then have to compare your theoretical sale price of $14500 to the depreciated value of 8k. So you actually demonstrate a net $6500 gain on the sale.
You are showing an estimated expense (slip/insurance) of 16K for a net loss of $9500 over 5 years. That works out to a annual cost of $1900. If you can fly and charter a boat 2-3 weeks a year for $1900 I want to meet your travel agent.
Of course, this doesn't take into account tax advantages if you establish an LLC, or can document enough nights on the boat to list it as a second home.

Michael