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.