Convenient to sell or keep? how much taxes will I pay?

[Nat Serrano]

I have a triplex I bought in 6+ years ago for 190k, I refinanced and got some cash out, now I owe to the bank 350k and my cash flow is minimal after refinance ($100-200) and now I live far away and because the home is old things have been breaking more often than before($$$$) and contractors do not do a good job if you're not there present in my experience (fix same thing over and over)

The triplex is really old and outdated, but I get renters because is in a really good location and I foresee it will continue to appreciate or at least investors might be interested in buying , tearing down and building something fancy.

So I've been thinking about selling. how much will I make if I sell?

this is my thought process:

A) sell 500k, minus 7% closing, agent commission = 465k minus 350k to the bank = 115k minus 30% capital gain tax = 77k....by the way, will I pay tax capital gains on the net profit? or the gross profit sale? (if I pay on gross sale then it's 500k - capital gain gross sale (30%) = 150k to Sam!

B) sell 500k, minus 7% closing, agent commission = 465k minus 350k to the bank, then do 1031 exchange for those 115k but (as previous debt cannot be used in 1031 exchange) and buy a similar property, the only "problem" is that I live in NYC and 115k will not even buy me a studio here, unless I go to a foreclosure and buy something there

C) keep the property, fix a bunch of things 50k, live with the headache of maintaining a property at the distance, do not make any cash flow for years but hopefully sell in the future for a profit.

thoughts?

[Karl McGarvey]

D.) Fix up the property, Cash out Refi AGAIN on the new value. Raise rents to match the new condition of the property, which should continue renting if your location is as good as you say. Hire a property manager to do everything and collect a check once a month. Sell in 10 years for MUCH more money and much less headache.

...just my thoughts