1031 Exchange question

1031 Exchange:
My understanding of the 1031 exchange process is illustrated in the
example below. Is there anything that is misstated or incorrect?
Day 1: Sell rent house with funds going to a qualified intermediary.
The house cost $ 100,000 and is fully depreciated so the basis for
gain/loss is zero.
Day 45: Identify the Replacement property ( new rent house) which
will cost of $ 200,000. Complete the ?identification of Replacement
Property? and give it to the qualified intermediary. NOTE: this can be
done before the 45th day if the replacement property is identified earlier.
Day 180: This is the deadline. The replacement property must be
acquired by the 180th day.
There will be a deferred gain of $ 100,000 on the old house.
The new house will have a depreciation basis of $ 100,000 ($200,000
minus the deferred gain). NOTE: The $ 100,000 basis assumes NO
value for the land. If the land was worth $25,000 then the depreciable
value would be reduced to $ 75,000.
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The old house was sold for $ 100,000. New house was purchased for $200,000 consisting of the $ 100,000 from the old house plus a mortgage payable for the $ 100,000 balance.
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