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Updated over 3 years ago,

User Stats

499
Posts
166
Votes
Jane S.
  • Flipper/Rehabber
  • Colorado Springs, CO
166
Votes |
499
Posts

Selling a SFR should i do 1031? Or bite the cap gains bullet?

Jane S.
  • Flipper/Rehabber
  • Colorado Springs, CO
Posted

NOT location location etc ... When i got this house the NH was OK prob B- and now it is a solid C or maybe D+ and I have had too much vandalism. Windows shot out very expensive, car crash damaged fence, etc. 

Will be marketing it July/August after tenants leave. There is NO cash-flowing SFR exchange here in Colorado springs! Considering either a commercial 5+ units (more headaches?) or just biting the cap gains bullet, CPA said around $10K or maybe less since I have only SS payments as non RE income.

WIth appreciation, not counting cash flow from rent, I would net after tax about $25000 which I can use to improve my other houses to increase value.

I absolutely love this house but have to face facts. NH is not gonna improve.

It’s almost like a duplex the way it laid out, all the applicants were begging me to accept them but their backgrounds reflected the change to the demographics in that location. 🥷

Thanks for your epistle.

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