In order to defer all tax in a 1031 you must purchase at least as much as your net sale and use all of the proceeds from the sale in your purchase. 

In order to defer all of the tax you must purchase at least as much as your net sale, and use all of the proceeds in your exchange.

In my opinion they're really only good for when you're ready to hang up the spurs, and your inheritors don't want the hard assets, so you keep the deferment rolling until you get a stepped up basis at death. 

Defer costly repair and wait to just replace? 

You don’t have to skimp on the neighborhood or the quality of the house, but if it is a nice little 3/1 or 3/2 single family home in nice condition with no deferred maintenance, then your chance of making a mistake or getting hurt financially while you learn is limited.

Just trying to defer some of the income tax until next year.

I understand wanting to save money on the monthly fees, but when it comes to maintaining an investment that can very easily be devalued by deferred or poor maintenance it's worth it. 

"yes you can defer depreciation recapture in a 1031 exchange."

Whereas now your amortization component is very high because of the favorable financing in place.So you have to consider all of those when looking what and where to invest next.Another thing to remember is that in order to completely defer tax in a 1031 exchange you must purchase at least as much as your net sale. 

As others mentioned, expect some deferred maintenance too.