1031 Exchange - Exchange for propety of lesser value?

[Terry N.]

"Property" not Propety...

Sorry if this is a redundant question.  I seriously searched for answers to similar question. 

I have a SFR that I've purchased in 2008 for $250K. After repairs It will likely sell for $400K.

This amounts to approximately $30K in capital gains tax. 

I want to utilize a 1031 exchange.

Do I have to find a $400k value property?  Because I'd MUCH rather find a property of much lesser value.  Like $150K. 

Can I utilize a 1031 for a property of lesser value and pay tax on the difference? 

Thx!