1031 Exchange Sale Price Percentage - Primary/Rental -> Rental

[Lindsey Leemis]

Good evening! 

Looking for some 1031 Exchange experts! :)

I have a primary residence that is deemed - 80% rental and 20% primary on my taxes. I am renting out majority of the house. 

I was chatting with a 1031 Exchange company and they said the sale price of the property being sold is the amount you have to exchange up to even if you have deemed part of it as a primary. 

Ex. 

1) Sells for 200k - exchange at least 200k in value 

OR

2) 80% of 200k - purchase at least 160k in value like kind to fulfill 1031 

An ideas on if 1 or 2 is correct?

Thanks!