So we offered a reasonable cash offer given the condition.Either way, my agent told her that we would be open to considering a counter offer from the seller.No reply for two days, then the seller's agent told us they had "accepted another offer".Yet, it's been 48 hours and the MLS still lists this property as active.So my gut and guess is that she was lying to us and didn't want to take our offer due to it being lower than their ridiculous request.Is she allowed to lie to us about accepting another offer?

@Tanner Thoman- Thank you for the reply.

@Jeff Greenberg  thanks for  taking the time  to respond  and I do have to apologize for such a late reply on my part.

I appreciate the reply.

Then, you have a cash flow model that says OK how much will I have in this thing and how much will it kick off in income? 

Thanks for the replies, I am looking forward to contributing to the BP community. 

Will I owe capital gains taxes?

Ok maybe if I put Tampa area I might get a reply. 

What will I be paying to the IRS for this property next year?

@THU NGUYEN thanks for your reply, if the $1600 does not have all the expenses in it then 28% wouldn't be your CoCRoI correct?