Taking initial investment out of 1031 exchange

[Milind Pawar]

example. CA property estimated sale price 1.8M. Initial down payment 10 years back 120K, recent remodel 400K, balance mortgage 300K. Given all this how much should be the value of property that I want to buy under 1031 exchange? (I understand that I need to invest up to or more than the net sale price but I question is about my investments that I have done over the last 10 years - not about reasonable cost of sales). Thanks,