How does depreciation work if you rent the property years after buying it?

[Devin Keener]

Hi,

Situation:

   Bought condo in 2019 for $238k and made $10k of repairs over 4 years.

   Rented out the condo (valued at $310k) in 2023 (this year).

Question:

   What would the total value be that I get to depreciate over the next 27.5 years? I am confused if I only get to deduct based     on the original purchase price, or the current value of $310k when I start renting it? Do past repairs come into play anywhere also?