1) A subject property has 2,800 square feet, 4 bedrooms, 3 baths, a 20,000 square foot lot, brick exterior, and is in good condition. The proposed sale price is $185,000. A comparable property sold for $175,000 three months ago. It has 3 bedrooms, 3.5 baths, 2,500 square feet, a 25,000 square foot lot, frame exterior, and is in excellent condition. The following adjustments are applicable: House size: $50 per square foot; Lot size: $1.25 per square foot; Bedrooms: $4,000 each; Half bathroom: $750 each; Brick exterior: $4,500 more than a frame exterior; Excellent condition: $3,000 more than good condition. Using this information, what is the indicated value of the subject property using the sales comparison approach?
Sales comparison approach
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