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It depends.
According to IRS Pub 551 Property Changed to Business or Rental Use:
If you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. An example of changing property held for personal use to business use would be renting out your former main home.
The basis for depreciation is the lesser of the following amounts.
The best source for the Fair Market Value (FMV) on the date of the change would be a local real estate agent who can provide comparable sales. This is good evidence for the value of your home on that date.
Your adjusted basis in the Rental Property is the original purchase price plus any improvements (upgrades or additions) that you have made. Historical property tax records may provide the price you paid for the home. Look online for your county Tax Assessor website - many have historical records available online. Also, the original HUD/Closing documents would have this value. Improvement costs would come from your personal financial records.
In most cases, your adjusted basis would be less than the FMV, so that is the basis you would use for your Rental Property.
[revised]
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