If the house rents for 3,000, you're going to have to expect some expenses and possible vacancies. At best you can account 5% for vacancy and 5% for repairs. That's 1800 for repairs and 1800 for vacancies. Your rental income goes into the schedule E portion of your tax return.
Luckily you'll be able to deduct: advertising, auto and travel, cleaning and maintenance, commissions, insurance, legal fees, management fees, mortgage interest, other interest, repairs, supplies, taxes, utilities, depreciation - from the total rent received.
Once you calculate your net figure it goes on line 17 of your tax return and is added to your taxable income, and you're taxed on the total amount.
Do you intend on paying the $125 HOA fee or add that to the rent? Also, because you live in an HOA you have to make sure you're allowed to rent your house. I believe your cash flow breakdown may be off because of repairs and vacancies. A house such as yours sounds expensive, so if one or two things come up, its going to cost a pretty penny to repair it. In the end, I still think you will end up ahead with your plan, the numbers may come out a little different though.
Also, depending on the state you're in, you will have to hold the security deposit in a non interest bearing account. no legal advice given.
and high-five for deciding to bike to work.