Sold for $700k. Original Costs: (Cash 100k + Loans 300k)... How much must I Buy?

[Jack Tucker]

I have a portfolio that I have owned for 3+ years. Selling for 700k.

Total purchase price that I paid was $400k.

Let's say that $100k is from "after-tax money" for down payment/rehab cash and the other $300k is from loans.

Here's my question: If I do a 1031, do I need to buy something that costs $100k, $400k or $700k?

I understand there are closing costs, depreciation, etc. Just trying to keep this simple.

Thanks in advance! @Bill Exeter