The really good news is save all of your receipts for work on the house....you deduct all improvements from the profit first.
So, if you paid $200,000 and improved the house $100,000, you could sell it for $550,000 without paying any additional taxes.
How much did you pay for it, based on market comparables?
If you bought it considerably less than what the comps show, and if the market improves the next couple of years where your property is going to be worth a lot more than what you paid for it, then yes, you may be able to earn a profit after factoring in taxes and selling expenses.
But if your area doesn't see much appreciation, and if you paid more than what it's worth today, then the answer is more likely, no.
The advice we are going to be able to give you at this time is to ask for the services of a local Realtor who can provide you with a thorough CMA. That way you'll be able to understand the current market value of your home.