250K/500K primary residence turned rental tax implications

[Jeff Uskert]

Hello fellow big thinkers, 

First off wanted to register my appreciation of Bigger Pockets for providing so many of the answers I have looked for over the years. Finally decided to join and stop lurking so I could ask the first question I couldn't find a direct answer to.

Scenario:

I purchased a single family home in Atlanta, GA in August 2015 as a primary residence. I immediately started renting rooms out to friends and did that for 11 months till I moved to Texas due to a job change. I kept the house full and continue presently to rent the house. 

I am considering selling the property and have a buyer interested at a price that would net me $100k more than I owe on the property. I purchased the house for $315k, put 5% down and have paid down about $10k on the mortgage.

Having lived in the house for 11 months as my primary residence and as a single filer, am I able to take advantage of the pro-rated $250k tax free (~$120k - for 11 months lived in) and not pay tax on my gains?

Thank you Team!