How do you determine depreciation basis on a renovated rental?

[Nate Pucel]

Bought a house that sat vacant for a while and renovated it over the course of a couple years. Never lived in it, and much of the renovation I did myself. The area has a couple houses that were renovated and sold, but most of the houses that sold are older and never renovated. My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?