Analysis to sell duplex

[Michael Kaminski]

Looking for a sanity check on my analysis.

The critical background information is that I have a duplex that I owe 125k on and is worth about 460k. It nets ~ 21k a year and is in an A class neighborhood with great appreciation. The property is right on the brink of needing a large cash injection in remodel costs.
We are looking for our "forever" home and looking to make the best use of the assets that we have. So the age old question sell it or keep it. If we target an 800k property our payment is 5300/month. If we sell the duplex assuming it costs 15% to sell and another 15% in long term capital gains that leaves ~228k. There might be some depreciation recapture I'm not accounting for. Applying that 228k to the 800k brings the payment to 3800/month. That is a 1500/month savings in monthly payment. Technically that is 250 less per month if I hold onto the duplex but to me 250/month gains will be quickly consumed by the coming remodel. 
I think the data says to sell it but what does the greater community have to say?

[Scott Allen]

@Michael Kaminski If you have a duplex in an A class neighborhood and are willing to account for the work that will need to be done to it for the next buyer on what you list at - someone will jump at it. A class properties (at least in Columbus, OH) are usually much harder to acquire at a good price point that can still make sense for a renovation to be done with multi-family. Someone will buy it, they'll fix it up and either live in it temporarily while fixing it up or fix it up quickly and aim to get the same if not better rents than what you're currently getting and they'll most likely plan to hold the property long term. Get a few opinions on value from agents there that sell that type of property and what they think it will go for - they might be able to bring you an offer without even listing it. If they can't, list with one that actually sells mostly multi-family there or in that neighborhood. You can start with what you want to list at but you will most likely land around the price point it will go for. You can also list at a price point that will draw more attention/get more offers so that it will bid up to the best offer after a weekend. The market usually speaks for itself with what a ready and willing buyer will pay.