Can you depreciate the new ARV

[Chad Lamb]

Hello, 

So I have completed my first BRRRR this year, and I have a question about what amount I can depreciate. I purchase the property for 27K cash with 15k being building value and 12k being land value. After our rehab the property was appraised at 52k. "Creating" 25k in property value, after it was rented we refinanced 38k out if it. So finally my question, so can I depreciate the newly created building value?

Thanks, 

Chad