No, you were correct to enter the Cost Basis of the property as what you paid for it. If you made major improvements after purchasing in 2017 and before renting in 2023, those could be added to the Cost Basis.
If this doesn't apply, you don't need to amend your return or change your accounting method with the IRS with Form 3115.
Remember, although you may get less depreciation this way annually, you'll have less of a Capital Gain when you sell the home, when depreciation taken is recaptured. Any improvements you add to the rental will be considered depreciable assets too.
Here's more info on What is My Cost Basis?
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