1031 exchange and renovation costs

[Howard Mayberry]

I have a rental that is too big and nice to produce a reasonable ROI. I would like to do a 1031 exchange for apartment buildings that need renovations. Can I include renovations costs with the cost of the apartments? For example, If I sell the rental house for $300,000, can I purchase some apartment buildings for $200,000 and spend another $150,000 in renovation costs to satisfy the 1031 exchange requirements? Thanks.