| The first thing to note is that if your Adjusted Gross Income is over $150,000, you would not be in a position to deduct any rental losses as you would be subject to the Passive loss activity limitations!
Now, regarding Renting out the property for $3,000 per month, or $36,000 per year you would have to report the following situation on Schedule E as follows:
Rental Income................$36,000
Expenses:
Mortgage Interest..........<30,000> Per Year
Real Estate Taxes......... .<6,000> Per Year
Insurances....................<.......>
Repairs & Maint..............<.......>
Depreciation..................<.......> [Depreciation is a deduction, the calculated as the value of the building (considered depreciable property) depreciated over 39 years]
The result is certainly a loss, but the loss is going to be suspended and so you would not be allowed to deduct any of these losses against your regular income.
Now, regarding Renting out the property for $2,500 per month, or $30,000 per year you would have to report the following situation on Schedule E as follows:
Rental Income...............$30,000
Expenses:
Mortgage......................<30,000> Per Year
Real Estate Taxes...........<6,000> Per Year
Insurances....................<.......>
Repairs & Maint..............<.......>
Depreciation..................<.......> See Note above for Depreciation.
The result is also a loss, but the loss is also going to be suspended in this scenario and so you would not be allowed to deduct any of these losses against your regular income.
But, one thing is for certain assuming what you have stated regarding your income and expenses, you would not have any rental profit from either of the 2 possible scenarios that you have outlined. But, unfortunately, it seems that you not be able to deduct any of these losses on your personal tax return due to the passive loss limitations rules, due to the fact your Taxable Income is expected to exceed $150,000! | 
