1031 from a prestigious home to a quadruplex in a lesser area?

[Wesley Hu]

Hi All,

I am currently looking to trade a single family home in a prestigious and HIGHLY demanded area into a multi-family, as the rental income on this property is low compared to how much it's valued at. The multifamily location would obviously have to be in a less desirable area, but I would like to know if this decision would be a correct one. Although the rental income would supposedly double, triple, or possibly quadruple, I have no experience with quadplexes that are under rent control.

Does anyone have experience with situations like this?

Thank you all!