1031 exchanging for cheaper properties

[Steven Barr]

Hi BP-

If I take 4 homes that are all valued at $250k and sell them (say I have 20% equity), I would then have $200k (don’t worry about realtor fees, closing costs, etc for this example)

Could I then do a 1031 exchange with the profits from these 4 homes, and go buy 8 homes valued at $75k each and put 25k down on each of those 8 properties?