A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

If you are looking to just calculate profitability, set how much profit you want to make then:ARV - Purchase Costs - Holding Costs - Selling Costs - Desired Profit - Rehab Budget (including contingency) = Maximum Allowable OfferIF you cannot calculate those numbers, a spreadsheet isn't going to help you. 

My hope is to hold this property.

I stick with boring buy and hold, but in another state where the numbers do work.

I also hold a couple of real estate forums in the area for people like yourselves to connect with service providers, GC's, etc. 

I want to go the buy-and-hold route, and I am interested in finding a duplex that will provide a steady cash flow, a high appreciation value and does not need renovations.

That's a great place to start, we have over 1000 local members and hold about 20 meet ups a month.

Zillow seems to think it should rent for $723 and Redfin says $670My real estate goal is primary for long term hold.

If you need that equity that soon you may just consider holding out to sell the house outright5.

My goal is buy/hold.