Keep or sell? Please help!

[Zachary Fisher]

My wife and I still own our first home. Our 3 of 5 year limit is up this November. It's a small 3bed, about 1350ft2. With in the 5 years I have sunk about 45k into it. About 18 months ago Roof was complete rip off, everything new from all the sheathing, ice and water 50 year shingles. No expense spared. Put new insulation in attic about 4 years ago. New appliances in kitchen about 3 years ago, all stainless brand name. Replaced all well components, pump, tank and so on. New 200 amp electric service. New washer and dryer. Tub surround, bath window shower faucet. Built a small 12x20 mini barn with 2nd story lofts. Also did new boiler and indirect water heater 3 years ago.

So my question is keep or sell? I paid 120k for it. The market in my area has gone absolutely crazy With in the last 3 years.

My bank note is $1350, includes the money for all the repairs.

Combined taxes are about $3500 a year

Rent is $1600.

I fell like I'm not making anything off of it. So is it worth trying to sell for say 225k

I'm told if I sell in the next 6.months I dont have to pay capital gains, only income tax. Unless I invest in another property.