Yes, that is how I would do it.
However, for the common improvements for the 'new' property, you need to enter the LOWER of (1) the Basis (cost) and (2) the Fair Market Value at the time of rental conversion.
For example, let's say you spent $5000 on the driveway several years ago and the Fair Market Value of the driveway is now $4000 (it is starting to get worn out). The 'old' property would show $2500 for depreciation (50% of cost), but the new property would show $2000 (50% of the lower of (a) cost and (b) Fair Market Value).
