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?