Should I rent my house out? Check my numbers?

[Tom Castilaw]

So my wife and I originally bought our house with the intent to rent it out after living in it for 2 years. We are around that 2 year mark and trying to look for another house to move into but want to make sure that our house will be a safe rent before we make the commitment of another house which we are wanting to finance for the full amount (already have financing lined up through a bank loan which we will convert to a long term conventional loan). 

Since I have never rented before any advice is welcome. Also, under expenses, I'm not sure what to put as far as maintenance and vacancy. I do know that when house go up for rent in our area it's quickly filled but I'm not sure what to put for maintenance.

House bio: 3 bedroom/2 bath house in a mostly owner occupied neighborhood. 1500sq ft, with 2 car garage, larger lot than most in our neighborhood with privacy fence. Built in 2003.

Here is my current house numbers: 

Income:

$1200 a month (very comparable to other houses in the area)

Expenses:

$779.33 a month mortgage (this amount includes our mortgage PandI of 491.42, taxes of 60.65, insurance of $100.67, Mortgage Insurance 112.20, and an escrow shortage of 14.39)(This is an FHA loan, is there anything I need to be aware of renting a house that is financed with an FHA loan?)

$120 property management (10% of rent price, we will be the property managers but want to build it into the analysis if we ever get tired of doing it ourselves)

$120 maintenance (10% of rent price)

$96 vacancy rate (8% assuming house will be vacant 1 month of the year)

Total: 1115.33

Total income ($1200) - Total expenses ($1115.33) = $84.67

Is this worth doing?

So my wife and I make more that enough to live comfortably but want to fast track our residual income. Is our house worth renting out? Or should we focus on paying it off?

Thanks in advance for any and all advice! 

Tom