When Erik's son went to college, he purchased a property for his son near campus for $100,000. At the time, the property tax assessment allocated 10% of the property value to the land. After his son graduated, Erik decided to keep the house for use as a rental. The fair market value at the time of the conversion was $150,000, but now the tax assessment allocated 35% to land value. The basis for depreciation of the house is __________.

$90,000

$97,500

$100,000

$150,000