We prove some new rank selection theorems for balanced simplicial complexes. Specifically, we prove that rank selected subcomplexes of balanced simplicial complexes satisfying Serre's condition $(S_{\ell})$ retain $(S_{\ell})$. We also provide a formula for the depth of a balanced simplicial complex in terms of reduced homologies of its rank selected subcomplexes. By passing to a barycentric subdivision, our results give information about Serre's condition and the depth of any simplicial compex. Our results extend rank selection theorems for depth proved by Stanley, Munkres, and Hibi.