Should I go through 1031 Exchange?

[Kate Li]

Hi,

I own a 4 family house where I lived there for more than 6 years. Then moved to another state in the past 1.5 years. I want to sell this house and it’s 1.4mm. The purchase price of the house was 700k and has around 400k mortgage. Through the years, the renovation cost totaled to about 85k. Is doing a 1031 exchange for another property at 850k selling price makes sense. Or I should do a straight sell of the 4F, and use the proceeds to buy the 850k multi-family property with regular loan?