2024 selling 2 family Jersey city - 1031 or not? Occupied or vacant?

[Drew Slew]

Hi All, 

I have received a lot of help over the years from the BP community on buying/investing and now im looking for advice on selling. I am looking to offload one of my properties a 2 family duplex in Greenville, Jersey City that I got for 5yrs ago. Quick key points and questions below, appreciate any insights, ideas:

- Bought duplex on a VERY up and coming part of Jersey City, right next to Ocean ave, 2018 for 400k. 7bed 2baths, about 3600 sqft w garage and backyard. Bought it renovated, but in 5yrs not so new anymore as tenants lived it down. Area is growing, most houses sold in front of mine, 1M condo conversion just got built/sold on same street. 20mins to NYC Fidi.

- Now looking to sell around 600k (redfin says its worth over 650k, not sure), with 3.3% 30yr fixed loan w 285k loan still, looking for around 315k+ profit. I could wait as it will go up, but rather scale up and live now out of state.

- Both tenants paid 1850/m so there is some CF but not much as tax/expenses slowly crept up, hower new owner could def do over 2k/month rents.

- Added: new roofing for around 15k in 2019-20 and added a 2nd laundry (washer dryer) so each unit has its own.

- Value adds for new buyer: Potential to make front garage usable (current is very narrow), make backyard nicer, finish off basement and make it livable

Questions: 

1) From tax purposes, what EXACT tax would be on the 315k capital gains? I am FL resident but its sold in NJ. Any other tax other than capital gains? Im estimating total 15-17% tax so total around 50k if not doing 1031 exchange. 

2) With 1031 exchange i know its a million things to know, 45day then 180day rule, 200% rule etc etc but main thing is id be buying out of state condo/land in Miami area and SFH renovatable home in CT stamford area. Dont like the complexity and stress of fidning stuff in 180 days, the potential to get a bad deal sounds worse than having to pay 50k. Happy to be connected to any good qualified intermediary in NJ.

3) I did live in it first year as a primary residence in 2018, but rest 4yrs were all investment property usages on my tax. So probalby doesnt qualify for 2yrs out of 5yrs primary no capital gains tax rule.

4) Want to sell it AS IS (im a licensed realtor so will take the 3%) not sure if any renovations are needed, maybe will touch up wall painting and tidy up backyard/add fence. 

5) Should it be sold vacant or occupied? One tenant is moving out March 1, so i could give other one notice now they on month to month, or just have them be there for carrying costs. Thinking of selling March/April to hit spring market. 

Any other ideas thanks a lot