Jon bought a one-bedroom condo near the campus where his daughter attended college. His daughter stayed there while she was enrolled at the college, but she graduated in the spring and moved away. Jon decided to keep the condo and use it as rental property. Jon paid $80,000 for the property four years ago, but it now has an FMV of $92,000. In addition to his $720 monthly mortgage payment, Jon pays $110 monthly homeowners association assessments. Jon hasn't done any work to the condo, except the $430 he paid to have the condo walls painted and the carpets cleaned in preparation for rental use. Jon plans to charge $500 a month rent. What is the depreciable basis of the condo