Thank you for the additional information. I really need to know the cost of those items.
So i will estimate.
The key to knowing what price to sell at to make a profit, you need to know the capital gins formula. I assume you meet the capital gains exclusion rules of having owned and lived in the property as a primary residence for 2 of the past 5 years.
capital gains formula (profit formula if you will)
Capital Gains = sale price - (original cost, + improvements and additions, + major repairs, + closing costs you did not orignally deduct,) - the cost of selling
Where cost of selling includes the realtor fees, closing costs of the seller, transporation, advertising, etc.
So for purposes of your situation, I will make some estimates. If you know the exact figures you can substitute.
Original price: 76,900
unrealized closing costs from your purchase. Now in figuring this, you would have been able to deduct some points and interst and taxes that were part of those closing costs. the 5,000 represents 6.5% of the purchase price. You would not have been able to legally take the entire 5,000 as a tax dedctin in prior years, but you could take some. Most likely 3% of the purchase price. So lets assume you still have 3.5% to take when you sell the property. I would really need to see the HUD form to know for sure. 2,768.00
You replaced the roof 2 years ago. The cost of that must have been about 40 dollars a square (10X10 section) at a minimum. and up to 120 dollars per square at max. So lets assume it was 80 dollars per square to do the roof. I assume a 30 foot by 15 foot for each side of the roof. That would be 9 squres, so your roof may have cost you 900 dollars to reshingle, plus some miscelanioous charges, lets give the cost of your repaired roof 1250 dollars
Vinal sideing is new: Vinal siding can cost from 1.60 to 3.20 per square foot. Lets assume the vinal siding for your property costs 2.20 per square foot. You will have to subsitute your own figures if they differ. I do not know how big your hous is, but I am assuming it is a 33 by 22 foot home. I am there for calculating that the siding may have cost about 3800 dollars. this can vary, because some of the siding companies can over charge. 3800.
closing costs form selling: typically 2% of selling price, plus 6% for the realtor. total of 8%. WE do not yet know the selling price.
Here are the estimated costs you need to recover in order to break even:
orignal price of home: 76,900
closing costs not previously deducts 2,768
Roof repairs 1250
cost of selling not yet known.
Total recoverable costs: 84,718 so you need to colect at least 1.08 X the 84,718 to break even. 91,495 dollars.
If any of my estimates are close your first dollar of profit comes when you close on the house at 91,496 dollars. So how much profit do you want to make. Lets say 15%. To get a 15% profit would be about 105,000 to 106,000 dollars.