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Subject property using the sales comparison approach

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Reference no: EM131929914

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?

Reference no: EM131929914

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