That all sounds correct.
However, be aware that you must report ALL of your income, but the deductions are limited to the amount OVER 2% of your total income. In other words, the deductions for utilities, management expenses, and repairs may be significantly reduced or eliminated, but you will still be paying tax on the full amount of income.
As a side note, were you paying the utilities? Those are usually paid by the renter (but perhaps your contract says otherwise).
