proceeds from a 1031 question

[Tim Sisk]

Hello all, i have a 1031 question. To me it seems like a simple question but im getting a couple different answers. My question is about the profits of a 1031. 

Heres the scenario: I bought a flip for 100k, the rehab will cost about 50k and the property should sell for about 200k ( Ive edited the numbers for simplicity)... So my question is: do i have to buy a property over 50k (makes sense to me) or over 200k ( doesn't seem right). I obviously will deal with the 1031 experts when the time comes but im now looking to buy rentals with the proceeds. i would appreciate any help from you guys.

ps: on a side note... I just closed on my first rental property in Cleveland . Thanks to all ive learned from this community