1031 Exchange: Check my math

[Pete Harper]

I have a property that I want to sell and do a 1031 exchange into another property of lesser value.  I want to confirm my understanding of the 1031 exchange rules are correct.

Exchange property: Cost basis is $205k; Sale price $380k, Loan $164k leaving $216k equity

Without doing 1031 exchange I would have to pay capital gains on $175k with $ 43.75k in long term capital gains tax.

Now if I were to do a 1031 exchange on new property: Sale price $250k The difference is $130k with $32.5k long term capital gains tax.  The 1031 exchange is $11.25k favorable.

Ideally I can find a second property to utilize the $130k doing a 1 for 2 exchange with the total purchase price over $380k.

Thanks, Pete