Derek inherited a summer beach house in the Hamptons from his mother. His mother originally purchased the beach house and land for $319,000. The property was appraised at $90,000 for the land and $333,500 for the house as of the date of his mothers death. When Derek received the property, the value increased to $126,560 for the land and $494,600 for the house. Since Derek doesnt currently live in the Hamptons, he decided that it would be best to put the property to use as a rental. What is Dereks basis in the house that he can use to depreciate?