1031 or not!

[Zachary Rosa]

Hi,

I am planning on a potential 1031 (very early stages) and would like to see what the reinvestment goal would be to maximize the befits of the 1031.

property I would like to exchange 

purchase price $515,000

sell price est: $725,000

current principle balance: $350,700

Interest rate 3.25

Current Mortage is $2300 and it rents for $4000. This was the first property I ever purchased so I have a lot of equity and I feel like it could be better used.