Simple 1031 Exchange question

[Paul G.]

I have a question regarding 1031 Exchanges in regards to depreciation recapture and capital gains Taxes.  This is purely hypothetical, but I want to look forward to make sure I'm structuring everything correctly.  Also, I want to note, I'm assuming 100% financed loan to start.  I know you can't do this, but I want to basically take a look at it from the most simplistic model I can.

I own Property #1

Bought: 75K

Sold in year 5: 150K

Depreciation: 2.5K/y

If I were to sell, assuming those are my only numbers (I don't want to make it overly complicated).  I would pay:

Depreciation Recapture Tax: 3K (25% on depreciation recapture of 12.5K)

Capital Gains Tax: 11.25K (15% on capital gains 150K - 75K = 75K)

I would net 75K + whatever I've paid down through 5 years - (recapture and cap gains.)

Now, say I roll that into a new property using a 1031 and buy for 200K. Again, I dont want to overly complicate things, so assume I roll everything in.

Then same thing applies:

Bought 200K (down payment is whatever I calculated above)

Sold in year 5: 300K

Depreciation: 4K/y

Is this how I calculated my Depreciation and Capital gains?

Depreciation Recapture Tax: 7K (3K from previous property + 25% of 20K for new property depreciation).

Capital Gains Tax: 26.25K (11.25K from previous property + 15% on capital gains 300K - 200K = 100K)

So, all in all, after selling both properties if I want to pay tax after my second property and NOT 1031 again, I would end up owing 33.25K in taxes on my 100K in gains + whatever I put down prior?