A house with a total living area of 2,500 square feet would cost $110 per square foot to reproduce new. It has an expected economic life of 50 years and is estimated to have an effective age of five years. The lot has a market value of $50,000. What is the estimated value of the property using the cost approach

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To estimate the value of the property using the cost approach we need to consider both the cost of r... View the full answer