1031 exchanging to a more prime property?

[Sven Sante]

Newbie to this forum and hoping to get some insight from all of you experts!

I have a rental property in Dublin/Pleasanton area and am wondering if I should sell and 1031 exchange it to a property in a more prime area closer to jobs - eg Oakland/Berkeley/Redwood city/San Jose/Milpitas. I roughly have 400K in equity. Some numbers below

original price - 350K

remodel cost - 150K

so cost basis around 500K (not including depreciation)

mortgage remaining - 350K (24 years remaining on 30yr @3.75%)

current rent - $3200 /month and cash flow around $1000, I'm not including vacancy or repairs as we have never had it vacant and with our remodel everything is brand new 

I'm guessing home value should be around 750K, so I would have 400K in equity.

Its cashflowing right now which is great but I can't help but wonder if in the long term a property in prime Bay Area would make more sense than a bedroom community. However, selling would also mean giving up my current prop tax which is based on the original price.

So I'm going back and forth, any opinions?