Am I doing the smart thing by renting my former residence?

[Angie Cobb]

Hi Experts,  I am a newbie to the game and have no clue what I'm doing.  Anyway, here goes:

I purchased my first house back in 2002 and refinanced it in 2013.  The mortgage balance is $77k and the monthly payment is $827.56.  The same floor plan with similar upgrades is selling for $220k right now.

The house has significant upgrades like Acacia flooring, plantation shutters, audio throughout the house, fresh paint, etc. BUT it also has a swimming pool.  I have always maintained the pool myself, but no way I would want to leave that to tenants.

Based on some research I think I might be able to rent it for $1600 a month, which leaves a breakdown that looks like this:

$1600 per month -$827.56 for mortgage payment - $20 HOA fee - $170 pool maintenance - $99 property mgmt fee - $47.63 lawn treatment = $435.81 net per month.

I was thinking of setting up a separate account and funding it with $5000 just to cover any repairs and what not. 

Just want to put this out here and have you experts check my thought process and make sure I'm not about to make a huge mistake here.  Thanks for any and all input!