Yes. An I emphasize "amortized" and not capitalized.
Also, you mention a multi-year lease. What state are you in? I ask, because the laws of most states (including my state of Florida) specifically state that a residential rental contract flat out can not exceed 12 months. I know this has nothing to do with taxes. But should your tenant run on you after the first year, you'll have a hard time on the legal front enforcing the contract.
