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, .� <br /> COST APPROACH Not applied <br /> INCOME APPROACH Not applied <br /> DIRECT SALES COMPARISON APPROACH $5,760 (Discounted) <br /> The Cost Approach, which is typically reflective of the <br /> upper limits of value, is based on the proposition that an <br /> informed purchaser would pay no more than the cost of <br /> producing a substitute property with the same utility as <br /> the subject pro�erty. It is �articularly applicable when <br /> the property being appraised involves proposed new <br /> improvements that re�resent the Highest and Best Use for <br /> the property. In this case this approach has been given I <br /> no consideration since it wasn't applied. , <br /> The Income Ap�roach is based on an analysis of actual and ' <br /> hypothetical income and expense data plus current market � <br /> interest rates. This is an approach that would normally �' <br /> be afforded considerable weight by a �otential investor I <br /> and has been given no consideration since it wasn't ' <br /> applied. <br /> The Direct Sales Comparison Approach, which reflects the I <br /> actions of typical buyers and seller in the actual market <br /> place, is usually considered the most reliable indicator <br /> of value. In this report it will be given serious <br /> consideration. <br /> CONCLIISION <br /> In this study the Direct Sales Comparison Approach is <br /> applicable when estimating a current market value for <br /> subject property. The appraiser will give full <br /> consideration to this approach for a final value decision. <br /> Estimate of value for subject property as of the date of <br /> full valuation, February 21, 2000, is as follows: <br /> Five Thousand Seven Hundred Sixty Dollars <br /> ($5,760) I <br /> Page 10 <br />