Newbie considering 1031 exchange in Cape Coral-Fort Meyers area

[Alex Patel]

Greetings

I'm selling a single-family rental property that I own in the Tampa area after renting it for 13 years due to never-ending repairs with the pool. (Note to self: Never buy a rental property with pool). It is the only investment property we own. It is currently under contract. Using an online calculator, I calculated my tax liability to be approximately 22K and net proceeds will be 78K. I have a decision to make and that's where I need help with.  

Question is, is it still possible to find multi-family investment properties in the Cape Coral-Fort Meyers area with positive cash flow, considering a 1031 exchange with the 100K from the sale of current rental property, in this seller's market? Or should I just pay the taxes now and take a break from investment properties?  We have extended family in Cape Coral-Fort Meyers so more likely we will retire there (in 25 years!) so that's why we are leaning towards that and we are open to other markets in Florida. We live in Tampa. I have a decent job that pays well and it requires me to travel so I have had property management manage my rental when I had it. So even if we find a property in Cape Coral-Fort Meyers we would still need a PM to manage it for us and need to factor in that expense as well. We don't have any debt that we would like to pay off with the profits from the current rental property sale.

Advance thanks for all the insights, Alex

[Jaysen Medhurst]

@Alex Patel, I don't know your market, so I won't comment on that part. 

Regarding the 1031, reach out to @Dave Foster. He's right around the corner from you. Not only is he a terrific QI, he can suggest some other 1031 options. He mentioned some opportunities with Tenant In Common and Delaware Trusts to me a while back. If I recall correctly, they don't involve actually buying another property directly. I'm no expert here, though. Talk with Dave.