If you sell in 2018 then tax will be due with your filing of your 2018 return in April of 2019 unless sooner by virtue of required estimated taxes. 

You hadn't disclosed your intent for the property, but for resale or rental, it would be good to just look at the quality of similar properties, then try to match or slightly go a step up, in order to increase your ROI.Once you've identified what it is you really value currently, it's best to get 3 estimates and see if you're getting the same values for each. 

I do my wires and fundings.. my notaries.. then I talk to the head construction lender to get the gossip on who is doing what ( no detail just hey how are sales and payoffs. )  then my banker etc etc.. 

Once you have a clear estimation of expenses associated with losing the current tenant, repairing/improving for a new tenant, leasing fee, vacancy/loss of rent, decide if you’re financially ready to initiate the action which will cause your current paying tenant to move?

So here are the numbers...House current value - $1 millionARV (every room needs updating) - $1.35-1.4 millionUpdate/Repair estimate retail finishes - $150KUpdate/repair estimate rental grade finishes - $30KThey both don't have money to update the home to sell for top dollar, so they are willing to take the $1 million and move on. 

@James Wise Do you agree with Josh's estimate of 15% down, or have you heard of lower?

Until you get the shaft for big bucks like this poor guy -- I really don't doubt his estimate.

v=1Zap6D-w4BI That's a link to Brandon Turner describing how to estimate arv.

Happy to provide any additional detail.

Hope this helps a little. could get into more detail later if you like.